ONS: UK GDP Grew By 6.6% In July
Today, the British Office for National Statistics (ONS) reported that at the end of July, the country's GDP increased by 6.6% compared to the previous month. The ONS stressed that the country's economy has been growing for the third month in a row, but has recouped only more than half of the losses incurred during the pandemic and restrictive measures. Only in April, the drop was 20% compared to the previous month, in May there was a slight increase of 2.4%, and in June — an increase of 8.7%.
ONS Director of economic statistics Darren Morgan said that " although the British economy continues to be on the recovery path, it still needs to recoup almost half of the losses suffered since the start of the pandemic." According to him, the recovery of the entire economy is particularly stimulated by such industries as catering, services, and car sales. Also, " many industries, especially spirits and the auto industry, have shown improvement. Positive dynamics were also observed in housing construction. However, in General, production, and construction still remain below the pre-pandemic level."
Monthly gross domestic product (GDP) grew by 6.6% in July 2020 as lockdown measures continued to ease, following growth of 8.7% in June and 2.4% in May and a record fall of 20.0% in April 2020.
July 2020 GDP is now 18.6% higher than its April 2020 low. However, it remains 11.7% below the levels seen in February 2020, before the full impact of the coronavirus pandemic.