The UK economy grew by 0.1% in August compared to July, beating economists’ expectations who had forecast a 0.1% contraction. However, this reading still represents a slowdown from the 0.4% monthly growth recorded in June and July. Production expanded by 0.8%, services showed no growth, and construction fell by 0.2%. On an annual basis, GDP grew by 2.1%, marking the highest year-on-year reading since August 2022. The British pound jumped 0.4% against the US dollar while UK government bond yields fell across the curve following the release.
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