UK GDP fell by 0.5% in July, according to official estimates

In the monthly reading, all major sectors declined in July, something that has not happened since June 2022; The services sector declined 0.5%

UK GDP fell by 0.5% in July, after growth of 0.5% in June, according to estimates released on Wednesday (13) by the Office for National Statistics. As a result, forecasts are that the British economy grew by 0.2% in the quarter ending July compared to the three-month period ending in April.

In the monthly reading, all major sectors declined in July, a fact that has not happened since June 2022. Production in the services sector fell by 0.5% and was the largest contributor to the monthly GDP decline, while industrial production contracted by 0.5%. 7% and construction fell 0.5%.

According to estimates from the Office of National Statistics, Industrial production grew by 0.6% in the quarter and was the main sector contributing to the growth during the period. The services and construction sector showed a 0.1% increase through July.