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Updated October 13th, 2021 at 21:59 IST

UK economy sees 0.4% growth in August after easing of COVID restrictions: ONS report

UK showed economic growth as the people started to attend restaurants, sports and recreational venues following the end of the last remaining COVID restrictions

Reported by: Ajeet Kumar
UK
Image: Twitter/Boris Johnson/Pixabay | Image:self
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After contracting for six consecutive months, Britain economy has finally bounced back in August, Sputnik reported quoting Office for National Statistics data.

According to the reports, United Kingdom's Gross Domestic Product (GDP) grew by 0.4% in August. The news agency noted that the UK showed economic growth as people started to visit restaurants and recreational venues following the end of the last remaining COVID regulations in July.

"Gross domestic product (GDP) is estimated to have grown by 0.4% in August 2021 and remains 0.8% below its pre-coronavirus (COVID-19) pandemic level (February 2020)," said Office for National Statistics data in a statement released on October 13. 

"Services output grew by 0.3% in August 2021 with output in consumer-facing services increasing by 1.2%, while all other services rose by 0.1%; all other services are now 0.4% above their pre-pandemic levels, while consumer-facing services remain 4.7% below," added the statement.

Office for National Statistics, GDP monthly estimate

(Monthly index, January 2007 to August 2021)

According to ONS, accommodation, food service activities, arts, entertainment and recreation contributed positively to services growth in August 2021. It noted that the production output increased by 0.8% in August 2021. The Office for National Statistics said that the output production increased due to an increase in the extraction of crude petroleum and natural gas following the recent temporary closure of oil field production sites for planned maintenance.

"Construction contracted, with output down by 0.2% in August 2021; the sector is now 1.5% below its pre-pandemic level," read the statement released by ONS.

IMF projects UK economy on the path of having the fastest expansion after easing of COVID-19 restrictions

"GDP growth for July 2021 has been revised from 0.1% growth to a 0.1% fall; mainly because of downwardly revised data for the manufacture of motor vehicles, oil and gas, and improvements to how health output is measured."

Earlier on Tuesday, the International Monetary Fund (IMF) said that the United Kingdom was on the path to having the fastest expansion of any nation in the G7 group of nations. It said that Britain economy is growing by 6.8% this year. However, it also claimed that the country needs time to complete a full recovery due to the COVID breakdown. 

Image: Twitter/Boris Johnson/Pixabay

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Published October 13th, 2021 at 21:59 IST

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