UK Economy Contracts by 0.5% in July 2023
According to a report published by the UK Office for National Statistics (ONS), the UK economy contracted by 0.5% in July 2023 compared to June 2023.
The contraction of the UK economy in July was higher than expected. Initially, it was projected to contract by only 0.2%.
The ONS report highlights that industrial production decreased by 0.7% during this period, while the service sector and construction declined by 0.5%.
When considering quarterly growth, the gross domestic product (GDP) increased by 0.2% for the three months ending in July 2023.
In July 2023, the inflation rate in Britain reached its lowest point in 17 months, as energy prices experienced a decline, as indicated by official data.
Source: Prime
