{"id":77665,"date":"2024-09-11T07:39:30","date_gmt":"2024-09-11T06:39:30","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=77665"},"modified":"2024-09-11T07:39:30","modified_gmt":"2024-09-11T06:39:30","slug":"as-the-july-gdp-data-proves-nothing-really-changed-that-month","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/09\/11\/as-the-july-gdp-data-proves-nothing-really-changed-that-month\/","title":{"rendered":"As the July GDP data proves, nothing really changed that month"},"content":{"rendered":"<p>The monthly ritual of the publication of GDP data took place this morning.<\/p>\n<p>The Office for National Statistics <a href=\"https:\/\/www.ons.gov.uk\/economy\/grossdomesticproductgdp\/bulletins\/gdpmonthlyestimateuk\/july2024\" target=\"_blank\" rel=\"noopener\">summarised the situation as follows:<\/a><\/p>\n<blockquote>\n<ul>\n<li>Monthly real gross domestic product (GDP) is estimated to have shown no growth in July 2024, after also showing no growth in June 2024.<\/li>\n<li>Real GDP is estimated to have grown by 0.5% in the three months to July 2024 compared with the three months to April 2024, with widespread growths in the services sector in this period.<\/li>\n<li>Services output grew by 0.1% in July 2024, following a decrease of 0.1% in June 2024, and grew by 0.6% in the three months to July 2024.<\/li>\n<li>Production output decreased by 0.8% in July 2024, following a growth of 0.8% in June 2024, and decreased by 0.1% in the three months to July 2024.<\/li>\n<li>Construction output decreased by 0.4% in July 2024, following a growth of 0.5% in June 2024, but grew by 1.2% in the three months to July 2024, its first positive three-month growth since September 2023.<\/li>\n<\/ul>\n<\/blockquote>\n<p>To put it another way, nothing changed in July.<\/p>\n<p>The country did not throw a massive party to celebrate Labour winning and so boost GDP, which is a good job since that would have been a decidedly mistaken thing to do.<\/p>\n<p>Nor did it have an economic upturn because of increasing confidence because there wasn't apparently any change in our outlook.<\/p>\n<p>There was, instead, no change.<\/p>\n<p>And that, seems to quite appropriately summarise what did happen in July. We got a new government, and nothing changed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The monthly ritual of the publication of GDP data took place this morning. The Office for National Statistics summarised the situation as follows: Monthly real<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2024\/09\/11\/as-the-july-gdp-data-proves-nothing-really-changed-that-month\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[190,35,118],"tags":[],"class_list":["post-77665","post","type-post","status-publish","format-standard","hentry","category-economic-data","category-economics","category-labour"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/77665","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=77665"}],"version-history":[{"count":1,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/77665\/revisions"}],"predecessor-version":[{"id":77666,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/77665\/revisions\/77666"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=77665"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=77665"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=77665"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}