UK GDP grew by 0.6% in the three months to July, up from 0.4% in the second quarter and beating analysts' expectations of 0.5%, as retail sales were boosted by the hot weather and England reaching the semi-finals of the World Cup.
According to the Office for National Statistics, services saw the strongest area of growth with the industry growing 0.6%, boosting overall growth to its highest level since August 2017. Furthermore, retail trade and wholesale trade expanded by 2.1% and 1.6%, respectively. However, manufacturing production dropped by 0.2% in July due to negative growth in pharmaceutical products. Rob Kent-Smith, head of GDP at the ONS, said: "Growth in the economy picked up in the three months to July. Services grew particularly strongly, with retail sales performing well, boosted by warm weather a...
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