Following 2.4% & 8.7% growth in May & June 2020 respectively, monthly Gross Domestic Product (GDP) grew by 6.6% in July 2020, as per Office for National Statistics (ONS).
GDP quarterly fall
Following 2 consecutive quarterly falls, the economy fell by 7.6% in the three months to July 2020. In this quarter, the productivity declined across all main sectors of the UK economy.
Have we gone back to pre-pandemic levels?
Although economy grew during May (2.4%), June (8.7%) & July (6.6%), the growth did not fully recover from the record falls seen across March & April 2020. In July, the GDP was still 11.7% lower than the pre-pandemic levels seen in February 2020.
How did Services sector perform?
The output in the services sector struggled to recover to the pre-pandemic levels of February 2020, despite all sub sectors of services showed an increase in growth in July 2020. It remained 12.6% lower than the level in February 2020.
How did Production sector perform?
Like services sector, the output in the production sector struggled to recover to the pre-pandemic levels of February 2020, despite all sub sectors showed an increase in growth in July 2020. Despite mega push in the recent months from the pharmaceutical, computer, chemical, food products, rubber & plastic, basic metal, machinery sub-sectors, the headline production sector GDP remained 7% lower than the pre-pandemic level in February 2020.
How did Construction sector perform?
Although construction sector grew by 17.6% in July, it remained 11.6% lower than the pre-pandemic level in February 2020.Click here for ONS release on GDP monthly estimate, UK: July 2020.
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