UK Economy Contracts by 0.5% in July 2023, Says ONS

Introduction

The UK economy contracted by 0.5% in July 2023 compared to June 2023, according to a report published by the UK Office for National Statistics (ONS).

Image: UK Economy

Contracted More than Expected

The UK economy therefore contracted more than expected in July last year, when it was expected to contract by just 0.2%.

Decrease in Industrial Production

The department indicated that industrial production during this period decreased by 0.7%, and the service sector and construction decreased by 0.5%.

Quarterly Growth

In terms of quarterly growth, for the three months ending July 2023, gross domestic product increased by 0.2%.

Inflation Rate Falls

Last month, official data showed Britain’s inflation rate fell to its lowest level in 17 months in July 2023 as energy prices fell.

Source

Source: Prime