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UK GDP grows 0.4% in August as Covid curbs continue to ease
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IANS | 13 Oct, 2021
Britain's gross domestic product (GDP) is estimated to have grown by 0.4
per cent monthly in August as Covid-19 restrictions continued to ease,
the British Office for National Statistics (ONS) said on Wednesday.
However,
the British economy is still 0.8 per cent below the pre-pandemic level
in February 2020, the Xinhua news agency reported.
In August, the
services and production sector grew by 0.3 per cent and 0.8 per cent
month-on-month respectively, whereas output in the construction sector
fell by 0.2 per cent, the ONS said.
Notably, output in
consumer-facing services increased by 1.2 per cent in August, with most
of the growth in the services coming from "a 5.9 per cent increase in
food and beverage service activities, and a 47.9 per cent increase in
travel agency, tour operator and other related reservation services
(growing from historically low levels)," said the ONS.
"The
recovery in hospitality and culture/recreation activity in the UK is
essentially complete, according to August GDP -- a striking
reconvergence with consumer goods trade over summer," said James Smith, a
developed markets economist at financial services firm ING.
Julian
Jessop, a British independent economist, said: "Economic activity just
about on track to return to its pre-Covid level this Autumn, which would
be much sooner than most had expected at the start of the year."
"The
0.4 percent month-on-month rise in GDP in August confirms that the
rapid gains in output, which in just 16 months lifted GDP from being
25.1 percent below its February 2020 pre-pandemic peak to 0.8 percent
below, are now behind us," said Paul Dales, an economist at the Capital
Economics UK, an economic research consultancy based in London.
Meanwhile,
Dales said he believes goods and staff shortages, including energy
crisis, may stall the country's economic growth and interest rates hike.
"And
shortages, including the petrol/energy crisis, may prevent GDP from
rising much in the coming months. This weaker activity outlook may
prevent the Bank of England from hiking interest rates this year."
Another
38,520 people in Britain have tested positive for COVID-19 and the
country also recorded another 181 coronavirus-related deaths, according
to official figures released Tuesday.
More than 85 per cent of
people aged 12 and over in Britain have had their first dose of vaccine
and more than 78 percent have received both doses, the latest figures
showed.
To bring life back to normal, countries such as Britain,
China, Germany, Russia and the United States have been racing against
time to roll out coronavirus vaccines.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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