UK GDP Growth Remained Flat in August
The Britain’s economy recorded zero growth in August, as the rise in industrial production was offset by a decline in the construction and agricultural sectors. According to analysts, the UK economy continued to rebound strongly after a weak spring with retail, food and drink production and housebuilding all performing particularly well during the hot summer months.
The Office for National Statistics (ONS) reported, that gross domestic product remained unchanged in August after expanding by 0.4% in July. GDP was expected to increase by 0.1%. On annual basis, UK economic growth slowed to 1.5% in august from 1.7% in July. Meanwhile, the British economy expanded 0.7% during the three months to August, beating the forecasts for 0.6% gain.
Britain's economy slowed after the June 2016 Brexit vote, its growth rate slipping from top spot among the Group of Seven rich nations to jostling with long-term laggards Japan and Italy for bottom place in the rankings. Consumers in particular were squeezed by the jump in inflation which followed the pound's tumble after the referendum, especially as wages have failed to keep up.