Weekly Economic and Construction Update – 14 October 2022

Weekly Economic and Construction Update – 14 October 2022

Date Published

14 October 2022

Document Type

Category

Author

TDUK
Summary

UK GDP fell by 0.3% in August after growth of 0.1% in July 2022 according to the ONS and the underlying three-month on three-month growth also fell by 0.3% in the three months to August compared with the three months to May.

Services fell by 0.1% in August 2022, after growth of 0.3% in July, due to falls human health and social work activities (NHS Test and Trace Vaccine programmes), and arts, entertainment and recreation activities of 1.3% and 5.0% respectively. These falls were partially offset by growth of 1.2% in professional, scientific and technical activities. Output in consumer-facing services fell by 1.8% in August 2022, after growth of 0.7% in July 2022.

Key Information

Construction grew by 0.4% in August 2022, after growth of 0.1% in July with the increase in in 1.9% new work offsetting falls in repair and maintenance 2.0% during July.

Industrial production fell by 1.8% in August after a fall of 1.1% in July 2022 and was the main contributor to the fall in GDP, primarily due to a decrease of 1.6% in manufacturing.

 

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