News

U.K. economy records slowest GDP rise since pandemic

People walk through a crowded shopping street in Birmingham, central England on August 22, 2020.


justin tallis/Agence France-Presse/Getty Images

The U.K. economy grew 2.1% in August, according to data released Friday that showed the slowest monthly gain since the initial lockdowns.

The gain in gross domestic product leaves the U.K. economy 9.1% below February levels, according to the Office for National Statistics. It also was below economist expectations for growth of 4.6%.

U.K. GDP had climbed 6.4% in July, 9.1% in June and 2.7% in May. The slowing growth figures are concerning as the U.K. has subsequently tightened restrictions in several areas due to rising cases of coronavirus.

In August, construction improved by 3% and services output rose 2.4%, while production rose 0.3%, manufacturing rose 0.7% and agriculture fell 0.7%.

The pound
GBPUSD,
+0.15%

was steady and has been moving more of late on news about European Union trade talks than U.K. economic data.


Source link

Tags
Show More

Related Articles

Back to top button
Close