Britain's Economic Growth Stagnates in July: ONS Report

In July, Britain's economic output showed no month-on-month growth, following zero growth in June. Predictions had anticipated 0.2% growth for July, but actual growth was just 1.2% year-on-year. Small gains in the services sector offset declines in manufacturing and construction.

In July, Britain's economic output remained stagnant, failing to deliver the minor growth economists had anticipated. The Office for National Statistics (ONS) revealed that month-on-month figures showed no change, maintaining the zero growth observed in June.

A Reuters poll had forecast a 0.2% expansion for July, but the actual growth fell short, marking only a 1.2% increase year-on-year, below the 1.4% economists had predicted. The data highlights the sluggish rebound since the COVID-19 pandemic, with the economy expanding by just 2.3% from Q4 2019 to Q2 2024.

Minor improvement in the services sector, which grew by 0.1% in July, provided some balance, countering declines in both manufacturing and construction. The new figures point to ongoing challenges for the British economy in achieving consistent growth.

(With inputs from agencies.)