July’s growth was lower than the 0.3% expected by most economists and still leaves the economy at risk of dropping into a recession.
Britain’s economy staged a modest rebound in July after contracting in June, but growth was held back by the searing heatwave and pressure from rocketing prices, official figures show.
The ONS said consumer-facing services grew by O.6% in July as one-off sporting events, such as the Women’s Euro 2022 football tournament, boosted spending, while the heatwave helped ice-cream makers, golf clubs and amusement parks. “This ties into a downbeat outlook for the UK economy which could see another shallow recession from the end of this year, driven by the ongoing squeeze on households’ income and a rising cost burden for businesses.
Samuel Tombs, chief UK economist at Pantheon, said this means a technical recession – as defined by two quarters in row of falling output – is now “hanging in the balance” after the economy contracted by 0.1% between April and June.
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