UK real GDP grows 0.2% MoM, 1% YoY in Aug 2024: ONS

11 Oct '24

2 min read

UK real GDP grows 0.2% MoM, 1% YoY in Aug 2024: ONS

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Insights

UK real GDP is estimated to have grown by 0.2 per cent month on month (MoM) in August after showing no growth in July and June; its growth was 1 per cent YoY in the month.
In the three months to August, real GDP grew by an estimated 0.2 per cent quarter on quarter and by 0.8 per cent YoY.
Production output grew by 0.5 per cent MoM in August, but showed no growth in the three months to August.

UK real gross domestic product (GDP) is estimated to have grown by 0.2 per cent month on month (MoM) in August this year after showing no growth in July and June, according to the office of National Statistics (ONS). The GDP growth was 1 per cent year on year (YoY) in the month.

In the three months to August 2024, real GDP is estimated to have grown by 0.2 per cent compared with the three months to May and by 0.8 per cent YoY.

The retail trade, except of motor vehicles and motorcycles industry, was the largest contributor to the rise in consumer-facing services output in August this year and the three months to August.

Production output grew by 0.5 per cent MoM in August this year, following a revised fall of 0.7 per cent in July, but showed no growth in the three months to August, an ONS release said.

Three of the four main sectors in production output saw growth in August, with the largest contribution to the growth being a 1.1-per cent MoM rise in manufacturing following a fall of 1.2 per cent in July this year. Manufacturing output increased in nine of the 13 manufacturing sub-sectors in August.

Construction output grew by 0.4 per cent MoM in August, following an unrevised fall of 0.4 per cent in July, and grew by 1 per cent in the three months to August.

Fibre2Fashion News Desk (DS)

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