UK economy continues to flatline in July

11th Sep 2024 07:32

(Sharecast News) - The UK economy continued to stagnate in July, according to figures released on Wednesday by the Office for National Statistics.

There was zero growth in gross domestic product, unchanged on June. Economists had been expecting 0.2% growth.

Output in the services sector grew 0.1% in July following a 0.1% decline in June. Meanwhile, production output fell 0.8% following 0.8% growth in June and construction output fell 0.4% following 0.5% growth in June.

Liz McKeown, director of economic statistics at the ONS, said: "July's monthly services growth was led by computer programmers and health, which recovered from strike action in June. These gains were partially offset by falls for advertising companies, architects and engineers.

"Manufacturing fell, overall, with a particularly poor month for car and machinery firms, while construction also declined."