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UK's GDP declines 0.5% in July 2023: ONS

Manufacturing was a significant contributor to this decline, with a slump of *.* per cent, driven by downturns in nine out of its thirteen subsectors. A noteworthy detail is the manufacturing of textiles, wearing apparel, and leather apparel which detracted *.** per cent from the total manufacturing output. This downfall comes on the heels of a robust *.* per cent growth in June ****, a figure that marked the highest monthly growth since November ****.

The three-month view ending in July paints a more stable picture, with a modest *.* per cent growth in GDP, supported by expansions in all main sectors, spearheaded by a *.* per cent increase in production, leading the growth during this period, as per ONS.