UK economy bounces back in August as GDP ticks up 0.2%

‘Small glimmer of hope’

The UK economy returned to growth in August after a poor July, raising hopes that a recession could be avoided this year.

According to the Office for National Statistics, gross domestic product grew 0.2% during the month, following a 0.6% dip in July — revised down from a 0.5% fall — when wet weather and continued industrial action dented activity.  Output in the services sector rose by 0.4% last month and was the only positive contributing sector to the growth in monthly GDP. Production output fell by 0.7% and construction output dropped 0.5%. In the three months to August, GDP increased by 0.3% when compared with the three months to May 2023, with growth in all sectors.  UK GDP sags by 0.5% in July ...