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UK economy grows 0.1% in August, defying forecasts of flat or falling growth
ONS figures show 0.1% monthly growth in August, an upward revision to 0.4% for July and 0.7% growth over three months, handing the Chancellor a boost ahead of the Budget.
Why it matters
The UK economy unexpectedly grew in August, defying forecasts that ranged from no growth to a 0.3% decline. With three-month growth at 0.7%, the economy's medium-term footing looks considerably stronger than first thought, reshaping the landscape for the Treasury as it drafts the first major budget of this parliament.
Full report
The Office for National Statistics said on October 15 that the UK economy expanded by 0.1% in August. Numerous economists had expected growth of between zero and a 0.3% fall.
The July figure was revised up to 0.4% growth, and the three-month figure for June to August came in at 0.7%, while the previous three-month figure to July was revised upward to 0.5%. The International Monetary Fund has also upgraded its outlook for the British economy.
Consumer spending on the high street slowed in August, a drag on the month, but the upwardly revised data show a much stronger economic base than originally estimated. It is an unexpected boost for Chancellor John Healey ahead of the Budget.
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