The UK economy has returned to growth. UK GDP rose by 0.2% in August, data released by the Office for National Statistics shows, after no growth in June and July. That is in line with City forecasts. It is a welcome boost for the government, after growth flatlined earlier in the summer amid wet weather and the cost of living squeeze. The services, production and construction sectors all expanded in August, today’s GDP report shows. Services output grew by 0.1% in August 2024, after an unrevised increase of 0.1% in July 2024, and grew by 0.1% in the three months to August 2024. Production output grew by 0.5% in August 2024, after a revised fall of 0.7% in July 2024 (this was a 0.8% fall in the last publication), but showed no growth in the three months to August 2024. Construction output grew by 0.4% in August 2024, after an unrevised fall of 0.4% in July 2024, and grew by 1% in the three months to August 2024. UK retailers and manufacturers had a good August, the ONS said. Liz McKeown, an ONS director of economic statistics, said: “All main sectors of the economy grew in August, but the broader picture is one of slowing growth in recent months, compared to the first half of the year. "In August, accountancy, retail and many manufacturers had strong months, while construction also recovered from July’s contraction. These were partially offset by falls in wholesaling and oil extraction.” The agenda • 1.30pm BST: US producer prices index for September • 3pm BST: US University of Michigan’s consumer confidence survey We’ll be tracking all the main events throughout the day ...
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