UK economic recovery continues but way to go to recoup coronavirus losses

By: |
Updated: Sep 11, 2020 2:40 PM

The Office for National Statistics said Friday that the British economy grew by a monthly rate of 6.6 per cent as many sectors started reopening after months of being idle during the lockdown.

UK economic recovery, British economy, covid 19 impact on british economy, covid 19 lockdown in britain, covid 19 pandemic, latest news on british economyOther sectors, such as manufacturing and housebuilding, also continued their recovery, though industrial production and construction remain below their pre-crisis levels. (AP photo)

The British economy recouped some further lost ground during July after a swath of coronavirus restrictions were eased. However, it still has to make up around half the output lost at the peak of the lockdown. The Office for National Statistics said Friday that the British economy grew by a monthly rate of 6.6 per cent as many sectors started reopening after months of being idle during the lockdown. The hospitality sector, which includes, hotels, pubs and restaurants, reopened at the start of July, for example.

Other sectors, such as manufacturing and housebuilding, also continued their recovery, though industrial production and construction remain below their pre-crisis levels.

July’s increase means that the British economy has now grown for three months in a row in the wake of April’s dramatic 20 per cent slide. Overall, the British economy remains 11.7 per cent smaller than it was in February before the full economic impact of the pandemic was felt.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Farm Bills row: Tomar rules out legal backing for MSPs
2RBI working paper lays down 11 indicators of financial stress
3About 40% of cess receipts parked in CFI instead of relevant reserve funds: CAG