London, September 11 (FinanceFlashNews.com) – The UK economy stagnated for the second month in a row in July, with no change in output compared to the previous month, as industrial production sharply declined, according to the Office for National Statistics (ONS). The flat performance followed a similar trend in June, with the service sector growing only 0.1%, which was enough to offset declines in manufacturing and construction.
Concerns Over Economic Challenges
Rachel Reeves, the UK’s Chancellor of the Exchequer, acknowledged the scale of the challenges the country faces, noting that recovery will not happen quickly. In a year-over-year comparison, the UK economy grew by 1.2% in July.
Decline in Exports
Specific data from the ONS revealed a significant drop in the export of goods from the UK to both EU and non-EU countries, while the export of services saw only a slight increase. Adjusted for inflation, the export of goods to non-EU countries hit its lowest point since May 2020.
Key Economic Data for July 2024
| Metric | July 2024 Data |
|---|---|
| Economic Growth (MoM) | 0% |
| Economic Growth (YoY) | 1.2% |
| Service Sector Growth (MoM) | 0.1% |
| Export of Goods (Non-EU) | Lowest since May 2020 |
Keywords: UK economy, industrial production, services sector, Rachel Reeves, exports, ONS, July 2024
