The U.K. economy grew at its fastest pace in six months in July, an unexpectedly strong performance that will allay fears Britain was facing a possible pre-Brexit recession.
Gross domestic product rose 0.3% from June, the Office for National Statistics said Monday. Economists had predicted growth of just 0.1%. It left output unchanged over the latest three months.
The economy recorded growth across the board in July, with the dominant services expanding 0.3% -- its best month this year. All else being equal, GDP will grow 0.4% in the third quarter even if output remains unchanged in August and September, avoiding a second straight quarter of contraction.
Construction output rose 0.5%; manufacturing grew 0.3% despite a stagnant month for auto output, and total industrial production gained 0.1%. GDP was 1% higher compared with July 2018.
Source : Bloomberg