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UK growth almost flat for July

By rotide
Created 10/09/2021 - 09:43

GDP for July just released shows a surprisingly small increase of just 0.01%, when June showed a full 1% growth. Not a great indication of an easy return to pre pandemic growth figures just over 2% higher than current levels and substantially lower than economists had forecast, looking for at least ½% growth.

Manufacturing stats have been impacted by supply chain problems, Brexit related to a point but there is also a global shortage of parts used in the manufacture of vehicles and other industries that have mini computers incorporated into the design, that is lowering the total of completed units available for sale. The effects of the "pingdemic" staff shortages, were also thought to have impacted negatively on the Services sector.

With restrictions relaxed in August, economists are currently calling August GDP higher at 0.5% but the recovery is clearly very fragile.


Source URL:
https://www.newbusiness.co.uk/content/uk-growth-almost-flat-july