(Office for National Statistics) The UK recorded a 0.1% jump in the gross domestic product in July from June, the smallest gain since January this year. The gain was less than the expected jump of 0.6%.
Fig 1: UK GDP is estimated to have grown by 0.1% in July 2021 and remains 2.1% below its pre-pandemic level (February 2020)
UK’s GDP growth was mainly boosted by the production output, which surged by 1.2% in July, enhanced by the reopening of oil fields.
The easing of restrictions boosted arts, entertainment, and recreation activities which expanded by 9.0% in July.
Services output was broadly unchanged in July and remains 2.1% below the pre-pandemic level.
Construction output contracted for the fourth straight month, shedding 1.6% in July to remain 1.8% below the pre-pandemic level.
Consumer-facing services output declined by 0.3% in July, the first fall since January this year as retail sales took a 2.5% hit.
UK’s GDP is now 2.1% below its pre-pandemic level in February 2020, with the output in the three months to July up by 3.6% from the previous quarter.
