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UK Economy Grows 0.7% in Three Months to August

Economic IndicatorsOct 10, 2018 04:31AM ET
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© Reuters. UK economy grows 0.7% in three months to August

Investing.com -The UK economy rebounded in the three months to August, according to data released on Wednesday, with the service sector the largest contributor to growth.

The Office of National Statistics said the economy grew 0.7% in the three months to August, picking up from the 0.6% expansion seen in the three months to July.

The report noted that wholesale and retail trade showed strong growth, in part due to warmer than usual weather in the summer months.

“The economy continued to rebound strongly after a weak spring, with retail, food and drink production and housebuilding all performing particularly well during the hot summer months. However, long-term growth continues to lag behind its historical trend,” ONS head of GDP Rob Kent-Smith said.

Month-on-month, GDP was flat, falling short of forecasts for an expansion of 0.1%, but growth in the previous month was revised up to 0.4% from a previously reported 0.1%.

The ONS has warned that the monthly data can be volatile and is subject to revisions.

The report said the services sector was the largest contributor to growth at 0.42%. The services sector grew by 1.6% in June to August 2018 compared with the same period a year earlier.

UK Economy Grows 0.7% in Three Months to August
 

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