UK GDP estimated to have increased 0.2% in August following a 0.6% decline in July; services output increased 0.4% led by professional scientific and technical activities, production output fell 0.7% driven by manufacturing: ONS

Sample article from our Housing & Economy

LONDON , October 12, 2023 (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

  • Monthly real gross domestic product (GDP) is estimated to have grown by 0.2% in August 2023, following a fall of 0.6% in July 2023, revised down from a 0.5% fall in our previous publication.
  • Looking at the broader picture, GDP increased by 0.3% in the three months to August 2023, with growth in all sectors.
  • Services output rose by 0.4% in August 2023 and was the main contributor to the growth in GDP.
  • Output in consumer-facing services fell by 0.6% in August 2023 after a fall of 0.2% in July 2023, revised down from no growth in our previous publication.
  • Production output fell by 0.7% in August 2023 after falling by 1.1% in July 2023, revised down from a 0.7% fall in our previous publication.
  • The construction sector fell by 0.5% in August 2023 after a fall of 0.4% in July 2023, revised up from a 0.5% fall 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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