UK's GDP sees marginal growth in August 2023

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)