Official data reveals UK economy grew by 0.2% in July

Data published by the Office for National Statistics (ONS) revealed that the UK economy grew by 0.2% in July following a decline in the previous month.

12 Sep 2022

Data published by the Office for National Statistics (ONS) revealed that the UK economy grew by 0.2% in July following a decline in the previous month.

According to the data, the services sector was the biggest contributor to economic growth. The ONS found that monthly services output rose by 0.4% between June and July 2022.

The data also showed that GDP rose by 0.2% between June and July 2022.

However, experts have warned that interest rate rises will adversely affect individuals, despite the government's recent move to cap spiralling energy prices.

Samuel Tombs, Chief UK Economist at Pantheon Macroeconomics, commented: 'The main threat to the economic outlook now comes from an excessive tightening of monetary policy, but we think that the Monetary Policy Committee (MPC) will see sense soon.

'Accordingly, we continue to think that a recession will be narrowly avoided over the coming quarters.'

Quick Links

Home | Contact us | Accessibility | Disclaimer | Help | Site map |

© 2024 Blue Spire Limited (Brighton). All rights reserved.

We use cookies on this website, you can find more information about cookies here.

Blue Spire Limited (Brighton) are Accountants in Brighton.

Contact Brighton Office

Tel: +44 (0)1273 739533
Fax: +44 (0)1273 732844
Email: brighton@bluespiregroup.com


Contact Chichester Office

Tel: +44 (0)1243 781234
Fax: +44 (0)1243 791770
Email: chichester@bluespiregroup.com

Brighton Address
5th Floor Intergen House, 65-67 Western Road, Hove, East Sussex BN3 2JQ

Chichester Address
Cawley Priory, South Pallant, Chichester, West Sussex PO19 1SY

Blue Spire Limited is Registered to carry out audit work in the UK and Ireland and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales C004152645. Professional indemnity insurance is provided by Royal & Sun Alliance Insurance Plc 9th Floor, One Plantation Place, 30 Fenchurch Street, London, EC3M 3BD and its territorial coverage is worldwide (excluding United States/Canada).
Blue Spire Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. FSA register https://www.fca.org.uk/register reference 566257. This guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at customers based in the UK