Positive news in the latest GDP indicates no recession coming just yet!
ONS director for economic statistics Darren Morgan said figures show the economy had “rebounded”, adding “pent-up demand for summer holidays” also increased travel agency activity.
But while new Chancellor Nadhim Zahawi said it was “great” to see the economy growing, he added that he was “not complacent” about the progress.
“I know people are concerned so we are continuing to support families and economic growth,” he said. “We’re working alongside the Bank of England to bear down on inflation and I am confident we can create a stronger economy for everyone across the UK.”
Gross domestic product (GDP) is estimated to have grown by 0.2% in July 2022 following a fall of 0.6% in June 2022; for more information on June 2022, please see the GDP monthly estimate, UK : June 2022 bulletin.
Looking at the broader picture, GDP was flat in the three months to July compared with the previous three months.
Services grew by 0.4% in July 2022, after a fall of 0.5% in June 2022, and was the main driver to the rise in GDP; information and communication grew by 1.5% and was the largest contributor to the services growth in July.
