In July, UK GDP grew by 0.3% month-on-month, above market expectations of 0.1%, bringing fresh hopes that a recession might be avoided after all. With the downside that the pick-up in economic activity might be somewhat linked to activity brought forward ahead of October 31st, similar to what happened in the first quarter of the year. Monthly data --which is volatile, so it should be interpreted with caution, shows all sectors growing in July, excepting agriculture.