Economic recovery slows in July
Looking at the broader picture, GDP was flat in the three months to July compared with the previous three months
The UK economy’s growth slowed in July to 0.2% according to the latest figures from the Office for National Statistics (ONS).
The result is below previous forecasts of 0.4% growth for the month as worker shortages and soaring costs weighed on activity.
It found that services grew by 0.4% in July 2022, after a fall of 0.5% in June 2022, and was the main driver to the rise in GDP; information and communication grew by 1.5% and was the largest contributor to the services growth in July.
Production fell by 0.3% after a fall of 0.9% in June 2022; this was mainly because of a fall of 3.4% in electricity, gas, steam, and air conditioning supply.
Meanwhile, Construction also fell in July 2022 by 0.8%, after a fall of 1.4% in June 2022; the decrease in monthly construction output in July 2022 came solely from repair and maintenance, which fell 2.6%.
Output in consumer-facing services grew by 0.6% in July 2022, following flat growth in June 2022; consumer-facing services remained 4.3% below their pre-coronavirus (COVID-19) levels (February 2022) in July 2022.
Looking at the broader picture, GDP was flat in the three months to July compared with the previous three months.
