Figures released by the UK’s National Statistics Office (ONS) just before showed that the UK’s gross domestic product (GDP) in August fell -0.3% after a 0.1% growth in July’s revised reading down from 0.2%, while expectations were for a stable 0.0%.
Gross domestic product fell 0.3% in the three months to August, compared to the three months to May. In details, the production index decreased by 1.8% in August after a 1.1% decline in July, to be the largest contributor to the decline in GDP, affected by a 1.6% decline in the manufacturing sector.
On the other hand, the services sector declined by 0.1% in August, compared to a growth of about 0.3% in July, while The construction sector recorded a growth of about 0.4%.
The British pound is trading at 1.0980 levels with the opening of the European markets.
02/11/2024
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