Activity rose 0.1%: UK economy grew in august, beating expectations ahead of Healey’s Budget
August growth and production
The UK economy recorded a slight increase in August, according to official figures. The rise followed growth of 0.4% in July. Higher production helped support the August result. Production includes manufacturing, oil and gas extraction, and energy supply.
Three-month growth drivers
Across the three months to August, the economy grew by 0.7%. Liz McKeown, the ONS director of economic statistics, said computer programming contributed most to growth over that period. McKeown described the three-month performance as “robust,” according to the figures.
Budget plans and IMF outlook
The data were released before John Healey’s Budget, due in two weeks. Healey arrived in Bangkok for the International Monetary Fund’s annual meeting. Healey said he was pleased the IMF had backed his economic plans in London. He also pledged to “stay the path” as he prepares the Budget.
Key points
- The UK economy grew 0.1% in August, following 0.4% growth in July.
- Production helped drive the August increase, including manufacturing, oil and gas extraction, and energy supply.
- The economy expanded by 0.7% over the three months to August.
- Healey is due to deliver the Budget in two weeks.