Ekonomické zprávy
13.10.2021

UK GDP grew less than forecast in August - ONS

According to the report from the Office for National Statistics, gross domestic product (GDP) is estimated to have grown by 0.4% in August 2021 and remains 0.8% below its pre-coronavirus (COVID-19) pandemic level (February 2020). Economists had expected a 0.5% increase in August.

Services output grew by 0.3% in August 2021 with output in consumer-facing services increasing by 1.2%, while all other services rose by 0.1%; all other services are now 0.4% above their pre-pandemic levels, while consumer-facing services remain 4.7% below.

Accommodation and food service activities, and arts, entertainment and recreation contributed most positively to services growth in August 2021, partially offset by falls in health output and retail trade.

Production output increased by 0.8% in August 2021, mainly because of the continued increase in the extraction of crude petroleum and natural gas following the recent temporary closure of oil field production sites for planned maintenance.

Construction contracted, with output down by 0.2% in August 2021; the sector is now 1.5% below its pre-pandemic level.

GDP growth for July 2021 has been revised from 0.1% growth to a 0.1% fall; mainly because of downwardly revised data for the manufacture of motor vehicles, oil and gas, and improvements to how health output is measured.

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