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UK economy expands 6.6% in July, yet still far below February levels

UK economy expands 6.6% in July, yet still far below February levels

The U.K. economy expanded 6.6 percent in July, marking its third consecutive monthly growth, as recovery continued after the lift of lockdown measures and amid government emergency support measures.

The monthly GDP for July came in line with analysts’ forecasts, following a growth pace of 8.7 percent in June, after growth in all sectors.

Construction sector expanded 17.6%, services soared 6.1%, manufacturing augmented 6.3% and agriculture grew by 1.1%.

However, the economy was still 7.6 percent down in the three months through July after two quarterly declines in a row.

Also, the British economy is still 11.7 percent below the February levels, ahead of introducing the lockdown measures, and largely back at the level last seen in 2013.

“While today’s figures are welcome, I know that many people are rightly worried about the coming months or have already had their job or incomes affected,” said Chancellor of the Exchequer Rishi Sunak.

As of 07:50 GMT, the pound traded slightly higher versus the US dollar at 1.2825, yet it is still set for its second consecutive weekly drop.

So far, the pound has slipped 3.2 percent this week against the green currency, amid fears of a no-deal Brexit with the EU.

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