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UK economic growth slows markedly in July

Economic growth slowed in July amid rising cases of Covid-19, according to figures released by the Office for National Statistics on Friday.
Growth slowed to just 0.1% in July from 1% in June amid rising Covid cases, coming in below consensus expectations for growth of 0.7%. That leaves the UK economy 2.1% below pre-pandemic levels in February 2020.

The ONS noted issues with the ‘pingdemic’ and materials shortages.

ONS deputy national statistician Jonathan Athow said: “After many months during which the economy grew strongly, making up much of the lost ground from the pandemic, there was little growth overall in July.

“Oil and gas provided the biggest boost, having partially bounced back after summer maintenance. Car production also continued to recover from recent component shortages.

“Rising costs and shortages of raw materials pegged back the construction sector again.”

Paul Dales, chief UK economist at Capital Economics, said the “measly” rise in monthly GDP “shows that amid rising Covid-19 cases and broadening product/labour shortages, the economic recovery has stalled”.

“More timely evidence suggests August may not have been much better,” he added.

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