The UK economy contracted by 0.5% in July, according to figures from the ONS.
For July 2023, monthly real (GDP) is estimated to have fallen by 0.5%, with falls in all three main sectors, following growth of 0.5% in June 2023. GDP increased by 0.2% in the three months to July 2023, with growth in all three main sectors. Output in services sector fell by 0.5% and was the largest contributor to the fall in monthly GDP
Gross domestic product (GDP) measures the value of goods and services produced in the UK. It estimates the size of and growth in the economy. GDP indicates a 0.2% growth in the three months to July 2023 compared with the three months to April 2023.