UK Economy Contracts by 0.5% in July 2023, Exceeding Expectations: ONS Report
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UK Economy Contracts by 0.5% in July 2023
The UK economy experienced a contraction of 0.5% in July 2023 compared to the previous month, according to a report released by the UK Office for National Statistics (ONS).
Unexpectedly Larger Contraction
In July of last year, the economy was expected to contract by only 0.2%, making this year’s decline larger than anticipated.
Decline in Industrial Production and Services
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The ONS report reveals that industrial production decreased by 0.7% during this period, while the service sector and construction saw a decline of 0.5%.
Quarterly Growth Increase
Looking at the quarterly growth for the three months ending in July 2023, the gross domestic product (GDP) showed a modest increase of 0.2%.
Inflation Rate Hits 17-Month Low
In July 2023, the official data indicated that Britain’s inflation rate reached its lowest level in 17 months, primarily due to a drop in energy prices.
Source: Prime
