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UK's GDP declines 0.5% in July 2023: ONS

14 Sep '23

2 min read

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Insights

UK's monthly real gross domestic product contracted by 0.5 per cent in July 2023, as per the Office for National Statistics.
Manufacturing saw a slump of 0.8 per cent, driven by downturns in nine out of its thirteen subsectors.
The manufacturing of textiles, wearing apparel, and leather apparel detracted 0.12 per cent from the total manufacturing output.

In July 2023, the UK’s monthly real gross domestic product (GDP) experienced a downturn, contracting by 0.5 per cent, according to the Office for National Statistics (ONS). This decline was noted across all three primary sectors, reversing the 0.5 per cent growth observed in June 2023. Particularly hard hit was the production output, which decreased by 0.7 per cent.

Manufacturing was a significant contributor to this decline, with a slump of 0.8 per cent, driven by downturns in nine out of its thirteen subsectors. A noteworthy detail is the manufacturing of textiles, wearing apparel, and leather apparel which detracted 0.12 per cent from the total manufacturing output. This downfall comes on the heels of a robust 2.4 per cent growth in June 2023, a figure that marked the highest monthly growth since November 2020.

The three-month view ending in July paints a more stable picture, with a modest 0.2 per cent growth in GDP, supported by expansions in all main sectors, spearheaded by a 0.6 per cent increase in production, leading the growth during this period, as per ONS.

When pitted against July 2022, the GDP of July 2023 remained stagnant, showing no growth, which contrasts the 0.9 per cent growth recorded between June 2022 and June 2023.

Fibre2Fashion News Desk (DP)

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