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UK GDP shows modest 0.2% mom growth in Aug, services the sole contributor

UK’s GDP data for August reveals a mixed bag of results, characterized by modest growth and a sector-specific performance variance. The economy grew by 0.2% mom, aligning with market expectations

Dissecting the numbers, the services sector emerges as the sole contributor to GDP growth, registering a 0.4% mom increase. Contrastingly, the production output faced a downturn, shrinking by -0.7% mom , while the construction sector similarly contracted by -0.5% mom .

In a more expansive view, the 0.3% rise in GDP over the three months leading to August paints a picture of gradual, albeit inconsistent, economic expansion.

In this three months period, production led the charge with a 1.2% increase, highlighting a resilient manufacturing and industrial segment that counters the monthly dip in August. Construction also showed promise with a 0.9% rise, indicating a level of sustained activity in infrastructure development over the quarter. Services, though only increasing by a marginal 0.1%, maintained its positive contribution.

Full UK GDP release here.

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