GDP Monthly Estimate: July 2024

The two industries which made the biggest contribution to overall GDP growth in July were Manufacturing and Information and Communications Services, both of which contributed 0.1 percentage points of growth to headline GDP.

In July, there was a fall in output in both the Other Services sector and Administrative and Support Services, which are estimated to have each contributed a contraction of -0.1 percentage points to headline GDP.

As reported by the Office for National Statistics, there were some common themes that were anecdotally reported (as part of the Monthly Business Survey (MBS) for production and services) to have played a part in performance across different industries. However, it is difficult to quantify the exact impact.

Comments provided for July 2024 suggested some industries may have been affected by various sporting events held throughout July. Sporting events boosted output in the arts, entertainment, and recreation sector. While many of these events normally occur in July each year, this year many businesses reported higher turnover than in previous years.

Sporting events were also one of the main reasons cited for the monthly increase in retail trade in July. Licensed premises noted a positive impact specifically from the European Football Championships; however, some restaurants cited this as negative impact on footfall. Despite falling on the month, some travel agents also noted an increase in bookings because of the Summer Olympics in Paris.