British economy grows marginally in July

0
321
IMAGE COPYRIGHT / AFP/

The British economy expanded only marginally in July, data from the Office for National Statistics showed on Friday.

Gross domestic product expanded 0.1 percent in July from June, when the economy grew 1 per cent. This was also slower than the 0.6 per cent growth economists had forecast.

In three months to July, GDP grew 3.6 per cent, largely because of the performance of the services sector. However, this was also weaker than the expected rate of 3.8 per cent.

On the production-side, services output remained broadly flat in July after rising 1.5 per cent in June.

Industrial output rose 1.2 per cent in July and was the main contributor to GDP growth, boosted by the reopening of an oil field production site.

Manufacturing output remained flat versus June’s 0.2 per cent rise. Construction contracted for a fourth consecutive month, with output down by 1.6 per cent.