UK Economy Growth August Budget

October 16, 2025 Victoria Sterling -Business Editor Business

Here’s a summary of the key information from ⁤the provided text:

* UK‌ Economic Growth (August 2023): The UK economy grew⁤ by 0.1% in August 2023.
* ⁤ Driving Factor: Manufacturing was the main driver of growth, increasing by 0.7%.
*‍ Services sector: ⁢The​ key services sector (retail, ‍hospitality,⁣ finance) showed no growth in August.
* Three-Month Trend: ‍ Over⁣ the ⁤three months to August, the economy​ expanded by 0.3%, a slight improvement.
* volatility: monthly⁣ growth figures are often volatile. The ONS is focusing on the three-month ​rolling average.
* Outlook: Economists (KPMG and capital Economics) are cautious,describing growth as “weak” and “meagre.” They cite factors like higher household costs, potential tax rises, and increased ⁣business taxes as restraints on future growth.
* Forecast: The bar chart shows a projected⁣ fluctuating GDP growth from August 2023 to August 2025, with both positive ‌and negative monthly growth estimates.