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UK's GDP sees marginal growth in August 2023

12 Oct '23
2 min read
Pic: Shutterstock
Pic: Shutterstock

Insights

  • UK's GDP increased by 0.2 per cent in August 2023, rebounding from July's 0.6 per cent drop.
  • Production output declined by 0.7 per cent in August 2023.
  • Manufacturing saw a drop of 0.8 per cent for the month.
  • The manufacturing of textiles, wearing apparel, and leather products added 0.05 percentage points to the overall manufacturing output.
UK's monthly real gross domestic product (GDP) for August 2023 is estimated to have seen a modest rise of 0.2 per cent, according to the Office for National Statistics (ONS). This comes after a revised drop of 0.6 per cent in July 2023, which is a sharper decline than the previously reported 0.5 per cent.

Production output declined by 0.7 per cent in August 2023, following a sharper 1.1 per cent decrease in July 2023, a steeper fall than the previously published 0.7 per cent. Manufacturing emerged as a significant contributor to this decline, with a drop of 0.8 per cent for the month. Out of the 13 manufacturing sub-sectors, nine recorded downturns.

The manufacturing of textiles, wearing apparel, and leather products lent a positive nudge, adding 0.05 percentage points to the overall manufacturing output, as per ONS.

On a broader scale, when comparing the three months leading up to August 2023 with the preceding three months up to May 2023, UK’s GDP growth was registered at 0.3 per cent. Year-on-year comparisons revealed that the monthly GDP for August 2023 grew by 0.5 per cent against its counterpart in the previous year. This represents an improvement from the 0.3 per cent growth observed between July 2022 and July 2023.

In the broader spectrum, the three months to August 2023 witnessed a 1.2 per cent rise in production output. The primary force behind this growth was manufacturing, which surged by 1.7 per cent.

Fibre2Fashion News Desk (DP)

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