UK July monthly GDP +0.2% vs +0.4% m/m expected

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UK July monthly GDP +0.2% vs +0.4% m/m expected

<ul><li>Prior -0.6%</li><li>GDP 0.0% vs +0.1% 3m/3m expected</li><li>Prior -0.1%</li></ul><p style="" class="text-align-justify">Looking at the details, services was the main contributor to the rise in GDP as it grew by 0.4% in July - after a fall of 0.5% in June. Information and communication grew by 1.5% and was the largest contributor to the services growth in July. Meanwhile, production fell by 0.3% on the month mainly because of a fall of 3.4% in electricity, gas, steam, and air conditioning supply.</p><p style="" class="text-align-justify">Overall, monthly GDP is now estimated to be 1.1% above its pre-pandemic levels i.e. February 2020:</p><p style="" class="text-align-justify">The miss on estimates will not provide too much comfort for the UK economic outlook, which looks set to worsen significantly heading into the year-end amid soaring <a href="https://www.forexlive.com/terms/i/inflation/" target="_blank" id="ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa_1" class="terms__main-term">inflation</a> pressures and the cost-of-living crisis.</p>

                This article was written by Justin Low at forexlive.com.

Source: UK July monthly GDP +0.2% vs +0.4% m/m expected

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