UK July GDP flat with rise in services offset by falls in production and construction

LONDON (ICIS)–UK GDP remained flat in July as a rise in services output was offset by declines in production and construction, official data showed on Wednesday.

The country’s economic output was also flat in June, according to the Office for National Statistics (ONS).

Services output grew by 0.1% in July, production output decreased by 0.8% while construction fell by 0.4%.

In the first two quarters of the year, GDP in the UK rose by 0.7% and 0.6% respectively as it rebounded from recession through the second half of 2023.

The Bank of England cut interest rates by 25 basis points in August as the country’s economic outlook improved.