UK economy unexpectedly grows 0.1% in August despite fuel hit to household budgets
Factory output offset weaker services and construction as quarterly growth reached 0.7%, according to official figures ahead of the Budget.
- The British economy grew by 0.1% in August, surpassing economist forecasts of a 0.1% contraction, according to the Office for National Statistics .
- This August performance follows growth of 0.4% in both July and June, with the June figure revised upwards from 0.3%. Across the three months to August, the economy grew by 0.7%.
- Strong factory production helped drive the expansion, according to ONS director of economic statistics Liz McKeown. However, growth in the services sector was offset by falls in production and construction.
- Following the data release, the British pound jumped 0.4% against the dollar, while yields on government bonds fell across the curve. Market reaction reflected investor confidence in the surprise growth.
- Chancellor John Healey faces the challenge of delivering a balanced Budget without increasing borrowing as the fiscal plan approaches. The International Monetary Fund recently provided positive upgrades to the outlook for Britain's economy.
22 Articles
22 Articles
Economy Grows by 0.1% in August
The economy grew 0.1% in August, beating economists’ forecasts of a 0.1% contraction, though sharply down from 0.4% growth in July. Two weeks before Healey’s Budget… Over the three months to August the economy grew 0.7%, up from 0.5% in the previous three months. The ONS put this down to upward revisions to services output…
UK economy's growth slows yet beats expectations
The UK economy grew unexpectedly in August after a boost in the production sector, according to official statistics, even as growth slowed across the country. GDP expanded by 0.1 per cent in August following several months of high growth. A poll of economists by Bloomberg predicted that the UK economy had contracted by 0.1 per [...]
UK economy grows just 0.1 per cent ahead of Budget
Britain's economy slowed sharply in August, adding to pressure on the Government ahead of the Budget. Gross domestic product (GDP) grew by just 0.1 per cent, down from 0.4 per cent in July, according to the Office for National Statistics. The figures come amid concerns that further tax rises could weigh on household spending and business investment. TRENDING Stories Videos Your Say Please write at least 4 paragraphs Our Standards: The GB News Ed…
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