The UK economy has expanded at a monthly rate of 0.2% in August, after recording zero growth in the prior two months, data by the Office for National Statistics showed.
The services sector grew 0.1% in August, supported by expansion in:
– accounting, bookkeeping and auditing (+4.3% month-over-month);
– scientific research and development (+2.8% month-over-month);
– legal activities (+1.7% month-over-month).
The production sector grew 0.5% in August, following a 0.7% contraction in July. Manufacturing output was the main driver, while surging 1.1% in August. Growth was underpinned mostly by:
– motor vehicles, trailers and semi-trailers (+3.6% month-over-month);
– basic metals and metal products (+2.3% month-over-month).
Conversely, mining and quarrying output shrank 4% in August, primarily due to a 4.2% decrease in extraction of crude oil and natural gas.
Finally, the UK’s construction sector grew 0.4% in August, following a 0.4% contraction in July.
The EUR/GBP currency pair settled 0.11% lower at 0.8359 on Friday. For the week, the minor currency pair remained without change.
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