Data published by the Office for National Statistics (ONS) has revealed that the UK economy grew by 0.2% in August.
According to the ONS, the main contributor to the growth was the services sector. Computer programmers and engineers also helped to boost growth, the data showed.
The 0.2% growth figure comes following a fall of 0.6% in July 2023.
Commenting on the data, Darren Morgan, Director of Economic Statistics at the ONS, said: ‘Compared with previous months where there’s been a lot of significant factors impacting on the UK economy both in terms of adding to and reducing growth like the additional Bank Holiday for the King’s Coronation, large number of working days lost because of industrial action and extreme weather – sunshine and rain – August was relatively quiet in that sense.’
Meanwhile, David Bharier, Head of Research at the British Chambers of Commerce (BCC), said: ‘With GDP growing by 0.3% in the three months to August and by 0.2% on a monthly basis, the UK economy is holding up but remains in a precarious state.
‘Our research is clear about the issues UK firms are facing – three years of economic shocks, high inflation and interest rates, skills shortages and trade barriers with the EU. Consequently, most SMEs report no increase in their investment plans.’
|Need help with your accounts? Please do not hesitate to contact us.|