{"id":119761,"date":"2021-08-12T08:11:03","date_gmt":"2021-08-12T08:11:03","guid":{"rendered":"https:\/\/fin2me.com\/?p=119761"},"modified":"2021-08-12T08:11:03","modified_gmt":"2021-08-12T08:11:03","slug":"diners-and-doctors-help-uk-economy-to-extend-recovery","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/diners-and-doctors-help-uk-economy-to-extend-recovery\/","title":{"rendered":"Diners and doctors help UK economy to extend recovery"},"content":{"rendered":"<ul>\n<li>However, British gross domestic product remained 2.2% smaller at the end of June than it was in February 2020, before the pandemic struck the country, a reminder of the huge hit dealt by Britain&#x27;s long coronavirus lockdowns last year.<\/li>\n<li>A Reuters poll of economists had pointed to month-on-month growth of 0.8% in gross domestic product in June.<\/li>\n<\/ul>\n<p>Britain&#x27;s economy grew by a faster-than expected 1% in June, after many hospitality firms restarted indoor service in mid-May and as more people visited doctors following the pandemic, lifting health care, official data showed on Thursday.<\/p>\n<p>However, British gross domestic product remained 2.2% smaller at the end of June than it was in February 2020, before the pandemic struck the country, a reminder of the huge hit dealt by Britain&#x27;s long coronavirus lockdowns last year.<\/p>\n<p>A Reuters poll of economists had pointed to month-on-month growth of 0.8% in gross domestic product in June.<\/p>\n<p>The Office for National Statistics lowered its estimate for growth in May to 0.6% from an originally reported 0.8% increase but output growth in April was revised up to 2.2% from 2%.<\/p>\n<p>Gross domestic product in the three months to the end of June was 22.2% higher than in the same period of 2020.<\/p>\n<p>That reflected the impact of last year&#x27;s first coronavirus shutdown on much of the economy which contrasted with the lifting of restrictions in the second quarter of this year.<\/p>\n<p>But Samuel Tombs, an economist with Pantheon Macroeconomic, said Britain&#x27;s economy was almost certainly the hardest hit by COVID-19 among Group of Seven countries for a fifth consecutive quarter in the April-June period. <\/p>\n<p>&quot;The UK&#x27;s continued underperformance remains largely attributable to weakness in households&#x27; spending, which was 7.0% below its Q4 2019 level in Q2, despite a quarter-on-quarter increase of 7.3%,&quot; he said. <\/p>\n<p>&quot;By contrast, real government expenditure was 8.0% above its Q4 2019 level, primarily due to COVID-related spending.&quot;<\/p>\n<p>The huge services sector grew by 1.5% in June from May, with health activities contributing the most to growth as visits to GPs increased in June while food and beverage services jumped by more than 10%.<\/p>\n<p>Industrial output shrank by 0.7%, as maintenance of oil field production sites and a swing in the volatile pharmaceutical industry dragged on the sector, but manufacturing grew by 0.2%.<\/p>\n<p>Construction output fell by 1.3%. Compared with the first quarter of this year, when much of Britain&#x27;s economy was in the grip of a third lockdown, the economy was up by 4.8%, the ONS said.<\/p>\n<p>The International Monetary Fund said last month that Britain&#x27;s economy was on track to grow by 7% in 2021, the same as the United States, as it bounces back from an almost 10% slump last year.<\/p>\n<p>However, the Bank of England thinks Britain&#x27;s economy will settle back into its slow pre-crisis rut once the impact of the pandemic slump and rebound settles down. It expects British GDP to grow by 5.75% next but only by 1.25% in 2023.<\/p>\n<p>Last week the BoE laid out its plans for a &quot;modest tightening&quot; of its huge stimulus for Britain&#x27;s economy. <\/p>\n<p>Separate trade data from the ONS showed British exports to the European Union in May and June exceeded their levels immediately before Britain left the EU&#x27;s single market at the start of this year, excluding volatile trade in precious metals. <\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/08\/12\/uk-economy-grew-by-stronger-than-expected-1point0percent-in-june-ons.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>However, British gross domestic product remained 2.2% smaller at the end of June than it was in February 2020, before the pandemic struck the country, [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":119760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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