UK GDP contracts

UK economy contracts July 2023 due to… rain!

The UK economy shrank more than expected in July due to strike action taken by NHS workers, doctors and teachers – ONS data shows.

Wet weather also hit the construction and retail industries, the Office for National Statistics (ONS) said, causing the economy to contract by 0.5%.

The figures were worse than analysts had predicted and continue a trend of weak economic growth in the UK.

Blame the weather and strike action for the contraction

Office for National Statistics (ONS) for UK GDP as at 13th September 2023..

Monthly real GDP is estimated to have fallen by 0.5% in July 2023, with falls in all three main sectors, following growth of 0.5% in June 2023.

GDP showed 0.2% growth in the three months to July 2023 when compared with the three months to April 2023, with growth in all three main sectors.

Services output was down 0.5% in July 2023, after growth of 0.2% in June 2023, and was the main contributor to the fall in GDP in July.

Production output fell by 0.7% in July 2023, after growth of 1.8% in June 2023.

The construction sector fell by 0.5% in July 2023, after growth of 1.6% in June 2023.

Not a recession, but the weather gets the blame for slowing up UK progress!

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