Economic news

UK economy grew 6.6% in July

The U.K. economy grew 6.6% in July on a monthly basis, according to initial estimates published Friday, as the economy seeks to recover from the sharp downturn caused by coronavirus-induced lockdown measures. July’s estimated growth in GDP (gross domestic product) was broadly in line with expectations, with economists polled by Reuters expecting a monthly expansion of 6.7%, and follows growth of 8.7% in June and 2.4% in May, following a record 20% plunge in April.

UK economy grew 6.6% in July

Friday’s data from the Office for National Statistics (ONS) showed a decline of 11.7% compared to the same period last year, slightly below expectations of an 11.4% contraction. U.K. GDP in July was 18.6% higher than its April 2020 low, but remained 11.7% below the pre-pandemic levels seen in February.

The country’s emergence from lockdown measures and reopening of pubs and restaurants in recent months meant that activity in the accommodation and food services sector surged 140.8% month-on-month in July, helping total services output to a 6.1% expansion.

Source: FXPro


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