The UK economy stagnated in July, recording 0% growth compared to the market expectation of a 0.2% rise, according to the latest data from the Office for National Statistics (ONS). This marks no change from June, as economic activity continues to struggle.
Other key economic indicators also fell short. The monthly Industrial Production dropped by 0.8% and Manufacturing Production decreased by 1.0%, both coming in lower than expected. Meanwhile, the UK Goods Trade Balance showed a larger-than-expected deficit of £20.003 billion, compared to the forecast of £18.1 billion.
Despite these disappointing UK GDP figures, the Pound Sterling remains stable. At the time of writing, GBP/USD is trading slightly higher by 0.16% near the 1.3100 level.
Comments