UK economy grew by 6.6% in July
The UK economy continued to recover in July, growing by 6.6%, according to figures. The economy has expanded three months in a row, but remains well below pre-lockdown levels.
The Office for National Statistics (ONS) revealed that the UK "has still only recovered just over half of the lost output caused by the coronavirus", the BBC reports.
Whilst this is good news, things are far from back to normal. Growth in July was slower than June, when the economy expanded by 8.7%.
The health of “UK PLC” is nowhere near pre-coronavirus levels and has partly bounced back due to pent up demand and growth in sectors such as hairdressers, pubs and restaurants which were allowed to reopen in July. Reopening of restaurants and pubs meant the accommodation and food services sector "rose by a whopping 140.8%" between June and July, according to Thomas Pugh, UK economist at Capital Economics.
Economic output measured by the value and the volume of goods and services it produces remains at 11.7% lower than it was in February, prior to lockdown restrictions which shut down the economy.
The alcohol industry which grew by 30%, but billions has been lost in the travel and tourism industry and many restaurants and pubs are struggling to survive with social distancing rules.
The government are imposing new social distances rules on gatherings after a spike in Covid cases, which is another blow to business.
Other articles available at Money Tips Podcast - www.moneytipsdaily.com
UK economy grew by 6.6% in July
The UK economy continued to recover in July, growing by 6.6%, according to figures. The economy has expanded three months in a row, but remains well below pre-lockdown levels.
The Office for National Statistics (ONS) revealed that the UK "has still only recovered just over half of the lost output caused by the coronavirus", the BBC reports.
Whilst this is good news, things are far from back to normal. Growth in July was slower than June, when the economy expanded by 8.7%.
The health of “UK PLC” is nowhere near pre-coronavirus levels and has partly bounced back due to pent up demand and growth in sectors such as hairdressers, pubs and restaurants which were allowed to reopen in July. Reopening of restaurants and pubs meant the accommodation and food services sector "rose by a whopping 140.8%" between June and July, according to Thomas Pugh, UK economist at Capital Economics.
Economic output measured by the value and the volume of goods and services it produces remains at 11.7% lower than it was in February, prior to lockdown restrictions which shut down the economy.
The alcohol industry which grew by 30%, but billions has been lost in the travel and tourism industry and many restaurants and pubs are struggling to survive with social distancing rules.
The government are imposing new social distances rules on gatherings after a spike in Covid cases, which is another blow to business.
Other articles available at Money Tips Podcast - www.moneytipsdaily.com
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