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The UK economy contracted by more than expected in July, according to the Office of National Statistics on Wednesday.
Monthly gross domestic product contracted by 0.5% in July, having grown by 0.5% in June. This came in worse than FXStreet-cited consensus, which had expected just a 0.2% contraction in GDP for July.
The main contributor to July’s fall was a 0.5% contraction in services output, after growth of 0.2% in June, the ONS explained.
Industrial production was also on the back foot in July.
On a month-on-month basis, industrial production fell by 0.7%, behind FXStreet-cited consensus of a 0.6% fall. In June, industrial production has grown by 1.8%.
On an annual basis, industrial production rose by 0.4%, slightly behind market consensus of 0.5% growth. This was down from a 0.7% annual rise in June.
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