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UK GDP posts stronger-than-expected 0.3% growth in July

The U.K.'s gross domestic product grew at a stronger pace than expected in July, after stalling in the prior month, data from the Office for National Statistics showed.

The U.K.'s month-over-month GDP growth came in at 0.3% in July, after remaining flat in June. The median estimate of economists polled by Econoday was for a 0.1% month-over-month increase in July.

On a monthly basis, production and manufacturing output were up by 0.1% and 0.3%, respectively, after contracting in the previous month. Agricultural output declined by 0.1%, while construction output grew 0.5%. Services output increased by 0.3% in July, after stalling in June.

In the three months to July, GDP growth was unchanged, in line with the Econoday consensus estimate. The economy contracted by 0.2% in the second quarter of 2019, a report showed last month.

Industrial production in the three months to July dropped 0.5% from the prior period. Manufacturing slid 1.1%, mining and quarrying dropped 1.2%, while electricity and gas expanded 2.8%, and water and waste rose 1.7%.

Meanwhile, the U.K.'s goods and services trade deficit narrowed by £14.9 billion to £2.9 billion in the three months to July, due to falling imports. The goods deficit narrowed by £14.9 billion to £29.3 billion, while services surplus slightly narrowed £100 million to £26.4 billion.