UK economy grows by 2% in August
The UK’s economic recovery continues with the economy growing by 2% in August. However the economy is still smaller than before the start of the pandemic and lockdown.
According to Jonathon Athow at the ONS;
“The economy continued to recover in August but by less than in recent months. There was strong growth in restaurants and accommodation …Construction also continued it’s recovery…(but) there was limited growth in manufacturing”
This graph shows the recent fall in the UK economy compared to recent years.
According the ONS, the UK economy has grown strongly since April when economic activity collapsed. However, despite this, our economy is still 9% smaller than before the start of the Lockdown restrictions. Much of the growth has come from the easing of Lockdown restrictions. It is unknown whether the recent re-introduction of such restrictions in much of the country will affect the economic recovery.
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You can read the ONS press release here
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The ONS is the Office for National Statistics, which is the official UK government agency for economic data.