Home / The Market / Economic Report: U.K. economy records slowest GDP rise since pandemic

Economic Report: 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, +0.20% was steady and has been moving more of late on news about European Union trade talks than U.K. economic data.

Let’s block ads! (Why?)

MarketWatch.com – Top Stories

About

Check Also

: ‘We shouldn’t be complacent’: Suicide deaths fell during the 2020 pandemic — but what caused the decline?

Preliminary estimates suggest that suicide deaths declined amid the unprecedented mental-health and economic challenges last …