The UK economy grew by 6.6% in July as a slow recovery continued

The UK economy grew by 6.6% in July as a slow recovery continued

On March 11, 2020, a woman wearing a surgical mask passed through the Royal Exchange in the financial district of the capital, London, England.

Richard Baker | In pictures by Getty Images

The UK economy grew by 6.6 per cent on a monthly basis in July, according to preliminary estimates released on Friday, as the economy seeks to recover from the sharp slowdown caused by the coronavirus-induced lockdown measures.

Estimated growth for July GDP (gross domestic product) Monthly expansion growth of 7% by Rotors was in line with broader expectations by economists, with growth of 7.7% in June and ૨. %% in May after a record 20% jump in April.

National Fiscal for National Statistics (ONS) data on Friday showed a decrease of 11.7% compared to the same period last year, slightly lower than the 11.4% contraction expected.

Darren Morgan, director of economic statistics at ONS, said in a statement on Friday that “while it is on the road to recovery, the UK economy will have to make up about half of the GDP lost since the epidemic began,” in a statement on Friday. Dar Ren told Morgan.

The UK’s GDP in July was 18.6% higher than its April 2020 low, but 11.7% higher than the pre-epidemic seen in February.

Capital Economics UK economist Thamas Pugh Gay said July’s growth slowed slightly compared to the previous month, still indicating that GDP’s record negative growth rate in the second quarter would follow a record-breaking positive growth rate. Third. The UK’s GDP contracted by 20.4% in the second quarter of 2020.

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“However, July was the last of the big step ups in activity and full recovery may not be achieved until early 2022, which is why we think Bank of England will expand QE (quantitative easing) by a further £ 250 billion. , “Pug guessed.

The country’s lockout move and the emergence of pubs and restaurants reopening in recent months mean that activity in the housing and food services sector rose to 1.8..8 per month in July. sur%, which contributes to the expansion of total services production by 1.1%.

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