UK records economic growth in June
Britain’s economy expanded by a faster-than-expected 1.0% in June. The growth was owed to a boost in the services sector after an increase in medical visits and the resumption of hospital firms’ indoor services.
Gross domestic product (GDP) climbed 0.8% month-on-month, according to a Reuters poll of economists.
The Office for National Statistics revised its forecast growth in May to 0.6% from the initial 0.8% rise. The output growth was revised up to 2.2% from 2.0%.
GDP from May to the end of June was 22.2% higher than in the same period of 2020. This reflected the impact of last year’s COVID-19 shutdown on the economy, as opposed to the easing of limitations in the second quarter of this year.
The huge services sector grew 1.5% in June from May, owing mainly to health activities. Food and beverages services were also up more than 10%.
The manufacturing sector gained 0.2%. However, industrial output contracted 0.7%, and the construction output dropped 1.3%.