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Financial News: UK GDP Expands For Third Month

UK GDP Expands For Third Month

09/11/2020 - 02:46:00 (RTTNews)

(RTTNews) - The UK economy expanded for the third straight month in July as lockdown measures continued to ease, data published by the Office for National Statistics showed Friday.

Gross domestic product expanded 6.6 percent in July from June, when it gained 8.7 percent. GDP was forecast to climb 6.7 percent.

"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," ONS director of economic statistics Darren Morgan said.

In three months to July, GDP fell 7.6 percent from the previous three months.

Data showed that the growth in services output eased to 6.1 percent in July from 7.7 percent in June.

Likewise, industrial output rose 5.2 percent, slower than the 9.3 percent increase seen in the previous month. Manufacturing output advanced 6.3 percent.

At the same time, construction output advanced 17.6 percent, but slower than the 23.6 percent increase in June. Farm output grew only 1.1 percent.

Another report from the ONS showed that the visible trade deficit widened to GBP 8.63 billion in July from GBP 6.55 billion in June. Exports fell 0.9 percent on month, while imports grew 5.8 percent in July.

The total trade surplus fell to GBP 1.07 billion from GBP 3.9 billion a month ago.

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