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Financial News: UK GDP Expands At Moderate Pace In August

UK GDP Expands At Moderate Pace In August

10/09/2020 - 02:27:00 (RTTNews)

(RTTNews) - The UK economy grew at a moderate pace in August as lockdown measures continued to ease, the Office for National Statistics said Friday.

Gross domestic product climbed 2.1 percent on month, slower than the 6.4 percent expansion seen in July.

This was the fourth consecutive monthly increase following a record fall of 19.5 percent in April.

August GDP was 21.7 percent higher than its April 2020 low. Nonetheless, it remained 9.2 percent below the levels seen in February 2020. In three months to August, GDP grew 8 percent, following two consecutive quarterly falls.

On the production side, service sector output growth slowed to 2.4 percent in August from 5.9 percent in July.

Likewise, growth in industrial output eased to 0.3 percent from 5.2 percent. Manufacturing output gained 0.7 percent versus a 6.9 percent growth in July.

Construction output was up 3 percent, which was much slower than the 17.2 percent expansion logged a month ago.

Another report from ONS showed that the visible trade deficit widened to GBP 9.01 billion from GBP 7.86 billion in July as exports grew only 0.4 percent on month, while imports climbed 3.7 percent.

The overall trade surplus totaled GBP 1.36 billion in August versus a GBP 1.68 billion surplus a month ago.

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