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LONDON – The UK economy grew by 0.2% in August month-on-month, flash figures published by the Office for National Statistics showed on Friday.
Gross domestic product (GDP) came in line with the expectations of economists polled by Reuters, who had forecast growth of 0.2%.
Britain’s economic growth increased by 0.2% in the three months to August, compared with 0.5% recorded in the three months to July.
The leading services sector in the UK showed a slow growth of 0.1% in the month to August, while manufacturing and building production rose by 0.5% and 0.4%, respectively.
The country’s economy slowed in June and July, after recording slow but steady growth almost every month this year. Britain emerged from a shallow recession earlier this year.
The reading comes as Finance Minister Rachel Reeves is set to present her Autumn Budget later this month, with tax increases and spending cuts expected as she tries to overcome an estimated £22 billion ($29 billion) black hole in public finances. The opposition Conservative Party, which led the country until a snap election earlier this year, denies the gap.
Reeves also hinted that he might change the country’s credit laws to free up more money to encourage investment.
The government has said the plans are part of its vision for an era of “national renewal,” as it tries to inject some hope into the public psyche after painting a grim picture of the state of the economy.
This is a breaking story. Please check back for updates.
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