UK GDP contracted -0.5% mom in July, much worse than expectation of -0.2% mom. Services was down -0.5% mom, the main contributor to the fall in GDP. Production fell by -0.7% mom. Construction fell by -0.5% mom.
In the three months to July compared with the prior three-month period, GDP increased by 0.2%. Production rose 0.6%, and was the main contributing sector. Services and construction both rose by 0.1%.
Also released, industrial production came in at -0.7% mom, 0.4% yoy in July, versus expectation of -0.5% mom, 0.5% yoy. Manufacturing was at -0.8% mom, 3.0% yoy, versus expectation of -0.9% mom, 2.7% yoy. Goods trade deficit narrowed to GBP -14.1B, versus expectation of GBP -15.9B.
