UK GDP grew 6.6% mom in July, just slightly below expectation of 6.7% mom. It’s the third consecutive of increase in GDP. But only around half of the pandemic loss was recovered so far. Also, monthly GDP in July was -11.7% lower than the pre-pandemic levels seen in February.
ONS director of economic statistics Darren Morgan said: “While it has continued steadily on the path towards recovery, the UK economy still has to make up nearly half of the GDP lost since the start of the pandemic…. All areas of manufacturing, particularly distillers and car makers, saw improvements, while housebuilding also continued to recover. However, both production and construction remain well below previous levels.”
Looking at some details, index of services rose 6.1% mom in July. Index of production rose 5.2% mom. Manufacturing rose 6.3% mom. Construction rose 17.6% mom. Agriculture rose 1.1% mom.
