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GDP recovers further in July but remains 11.7% below pre-Covid levels

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Monthly GDP grew by 6.6% in July 2020 as lockdown measures continued to ease, according to the latest ONS statistics. The increase follows a record fall of 20.0% in April, before growth of 2.4% in May and 8.7% in June. July's GDP is now 18.6% higher than its April 2020 low. Despite this, the level of output did not fully recover from the record falls seen across March and April and was still 11.7% below the levels seen in February, before the full impact of the Covid-19 pandemic. GDP fell by 7.6% in the three months to July, with declines across all main sectors of the economy.

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. “Education grew strongly as some children returned to school, while pubs, campsites and hairdressers all saw notable improvements. Car sales exceeded pre-crisis levels for the first time with showrooms having a particularly busy time. “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.”

Posted by MMB Finance Swindon on 12 September 2020