UK GDP sees modest growth amid mixed sector performance

(MENAFN) The UK's Economy saw a steady growth of about 0.5 percent from May through July, indicating consistent economic performance during this timeframe. Data for July showed similar economic activity to June, reflecting stability across the British economy. The services sector emerged as the main contributor to growth for the quarter ending in July, with a notable increase of 0.6 percent. Conversely, the construction sector experienced a more robust expansion, growing by 1.2 percent, while the production sector faced a slight downturn, decreasing by 0.1 percent.

Recent economic reports also reveal a decrease in the unemployment rate to 4.1 percent for the three months ending in July, the lowest level observed since January of the same year. This decline in unemployment is complemented by a 2.2 percent rise in average regular wages, adjusted for inflation, indicating some improvement in earnings despite varied performance across different sectors. These trends point to a generally stable economic environment, with key sectors such as services and construction playing a significant role in supporting the UK's economic stability.

Overall, while economic growth remains modest, the positive contributions from the services and construction sectors suggest a resilient economic landscape. The decline in unemployment and the increase in wages further underline the improvements in the labor market, despite the mixed performance in various economic sectors.

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