UK July monthly GDP +0.1% vs +0.6% m/m expected
Latest data released by ONS - 10 September 2021
The reading is a bit of a miss on expectations and if anything else, it reaffirms that growth conditions in the UK has peaked during the summer months and more sluggish momentum is expected towards the latter stages of Q3.
- Prior +1.0%
- GDP +3.6% vs +3.8% 3m/3m expected
- Prior +4.8%
Looking at the details, production output (+1.2%) was the biggest contributor to GDP growth on the month while services output was broadly flat and remains 2.1% below its February 2020 i.e. pre-pandemic level.