Kate Andrews Kate Andrews

Britain’s GDP has stagnated – again

There was no economic growth in July

There was no economic growth in July, according to the Office for National Statistics. The latest GDP figures show that a boost in services output – 0.1 per cent – was offset by a tumble in production and construction output – 0.8 per cent and 0.4 per cent, respectively – leading to no overall growth in the month of the election. 

It’s surprisingly bad news, as markets had expected a modest 0.2 per cent increase in July. Instead, Britain had two consecutive months of no growth. 

There is also growing concern that the improvement in services output in July won’t necessarily carry into the latter half of the summer. The rebound in retail sales and the reduction in strike days could take a turn for the worse.

Comments

Join the debate for just $5 for 3 months

Be part of the conversation with other Spectator readers by getting your first three months for $5.

Already a subscriber? Log in