The gross domestic product (GDP), which is meant to be a gauge of a nation’s overall output, has slightly increased following two months of declines.
All major economic sectors expanded in August, according to Liz McKeown of the ONS, but the overall picture shows that growth has slowed recently in comparison to the first half of the year.
She continued, saying that August saw great months for numerous manufacturers, accountancy, and retail, while construction also bounced back after July’s decline. Reductions in oil extraction and wholesaling somewhat offset them.
In the three months leading up to August, the GDP expanded by 0.2%, according to ONS estimates.
The results have been greeted as “welcome news” by Chancellor Rachel Reeves, who is getting ready to host an international investment summit next week.
“This government’s top priority is growing the economy so we can rebuild Britain, fix the NHS, and improve the lives of working people,” she continued.
Even if it won’t happen right away, we’re not wasting any time in bringing about the transformation that we’ve promised.
