• Prior +0.5%; revised to +0.4%
  • Services output -0.5% vs -1.1% m/m expected
  • Prior +0.4%

The drop in monthly GDP was largely driven by a fall in services with a decline in human health activities being the biggest contributor as test and trace activity reduced further and vaccinations continued to tail off, following the spring booster campaign. As of June, the monthly GDP is now estimated to be 0.9% above its pre-pandemic levels i.e. February 2020.