The economy grew in August
Britain’s economy grew in August as the full lifting of coronavirus restrictions boosted events and hospitality, but official figures revealed a contraction in July.
The Office for National Statistics (ONS) said gross domestic product (GDP) rose 0.4% between July and August.
The data showed more signs of a slowdown in the UK’s recovery from the pandemic as global supply chain problems take hold, with the August figure lower than expected, while the Office for National Statistics also revised its estimate for July down to a contraction of 0.1% from a higher level. A 0.1% expansion was reported previously.
The economy will also need to rise 2.1% in September to stay on track with the Bank of England forecasting overall growth of 2.1% in the third quarter.
Darren Morgan, Director of Economic Statistics at the Office for National Statistics, said: “The economy rebounded in August as pubs, restaurants and festivals benefited from the first full month without Covid-19 restrictions in England.
“This has been offset by a decrease in health activity, with fewer people visiting GPs, and fewer tests and tracings.
“However, later and slightly weaker data from a number of industries now suggests that we estimate that the economy declined a bit overall in July.”