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London (AP) — UK economic recovery lost momentum during the summer, despite widespread lifting of coronavirus regulations at the expense of supply chain issues, official figures said Wednesday Indicated.
According to the National Bureau of Statistics, economic growth was modest in August as bars, restaurants and festivals benefited from the first full month without coronavirus restrictions in the UK, but a 0.4% increase. It was slightly lower than expected.
Authorities also revised the July figures from 0.1% growth to a 0.1% decrease. This is the result of weak data from many industries, highlighting the volatile nature of economic recovery.
Susannah Streeter, senior investment and market analyst at Hargreaves Landsdown, said weaknesses in the construction sector in particular have “penetrated”. The construction sector has reported negative growth for the fourth straight month.
The UK economy is 0.8% below the pre-coronavirus pandemic level in February 2020.
The International Monetary Fund predicts on Tuesday that the UK will grow 6.8% this year more than any other group of seven industrialized nations, followed by a still high 5%. However, the UK economy experienced the worst recession of the seven in 2020, shrinking at 9.8% production.
Inflation is expected to reach 4% in the coming months in the context of rising energy prices, falling productivity levels, rising taxes and uncertain COVID for the winter. There are concerns that the economy will be sluggish in the month.
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UK economic recovery declines during the summer | WGN Radio 720
Source link UK economic recovery declines during the summer | WGN Radio 720