British GDP rises by 0.3 pct in July
London, Sep 9 (Xinhua/UNI) British gross domestic product (GDP) rose by 0.3 per cent in July 2019 from the previous month, with all components expanding except agriculture, according to a survey released on Monday by the Office for National Statistics (ONS).
Data showed that services, production, construction expanded in July by 0.3 per cent, 0.1 percent, 0.5 per cent respectively, with agriculture declining by 0.1 per cent.
GDP growth was flat in the three months to July 2019, compared with preceding three months, as services were the only positive contributor to GDP growth.
Figures stated that although the services sector grew by 0.2 per cent in the three months to July, it indicated a longer-term weakening from a strong summer in 2018.
"While the largest part of the economy, services sector, returned to growth in the month of July, the underlying picture shows services growth weakening through 2019," said Rob Kent-Smith, head of GDP at ONS.
However, Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said that the 0.3-percent monthly rise of GDP in July was "the strongest since January and wasn't obviously assisted by any one-off stimuli."
"Quarter-on-quarter growth on track for 0.4 per cent in Q3, so emphatically no recession, and no Bank Rate cuts coming soon (at least this side of Brexit)," Tombs added.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
