UK GDP estimated to have decreased 0.3% in August following an increase of 0.1% in July; services output down 0.1% led by human health and social work activities and arts, entertainment and recreation activities, production output fell 1.8%: ONS

Sample article from our Housing & Economy

LONDON , October 12, 2022 (press release) –

Gross domestic product (GDP) measures the value of goods and services produced in the UK. It estimates the size of and growth in the economy.

Main points

  • Gross domestic product (GDP) is estimated to have fallen by 0.3% in August 2022, after growth of 0.1% in July 2022 (revised down from a growth of 0.2% in our previous publication).
  • There has been a continued slowing in the underlying three-month on three-month growth, where GDP also fell by 0.3% in the three months to August compared with the three months to May 2022.
  • Production fell by 1.8% in August 2022 after a fall of 1.1% in July 2022 (revised down from a fall of 0.3% in our previous publication) and was the main contributor to the fall in GDP; this fall was mainly because of a decrease of 1.6% in manufacturing.
  • Services fell by 0.1% in August 2022, after growth of 0.3% in July 2022 (revised down from a 0.4% growth in our previous publication); human health and social work activities, and arts, entertainment and recreation activities fell by 1.3% and 5.0% respectively and were the largest contributors to the small fall in services in August, partially offset by growth of 1.2% in professional, scientific and technical activities.
  • Construction grew by 0.4% in August 2022, after growth of 0.1% in July 2022 (revised up from a fall of 0.8% in our previous publication); the increase in monthly construction output in August came solely from a 1.9% increase in new work, as repair and maintenance saw a decrease of 2.0% on the month.
  • Output in consumer-facing services fell by 1.8% in August 2022, after growth of 0.7% in July 2022 (revised up from growth of 0.6% in our previous publication).

Industry Intelligence Editor's Note: This press release omits select charts and/or marketing language for editorial clarity. Click here to view the full report.

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