UK Economic Growth Posts Slight Rebound in August

Source: Office for National Statistics

The United Kingdom’s economic growth posted a slight rebound in August, as services and production recorded gains during the month. EWU is down 0.18% premarket.

• The gross domestic product grew by 0.4% in August, following the revised 0.1% decline in July. Growth remains 0.8% below levels before the COVID-19 pandemic.
• Services output climbed 0.3% but remained 4.7% below COVID-19 levels, while all other services rose by 0.1% but up 0.4% above pandemic levels.
• Accommodation and food service activities and arts, entertainment, and recreation drove the growth in services, partly weighed down by the decline in health and retail trade.
• Production output climbed 0.8%, driven by higher crude and natural gas extraction due to the temporary closure of oil field sites for planned maintenance.
• Construction slipped by 0.2% but remained 1.5% below levels recorded prior to the COVID-19 level.
• The July growth was revised from a 0.1% growth to a 0.1% decline to reflect data for the manufacture of motor vehicles, oil and gas, and health output.