The UK economy rose 0.4% in August, but GDP remains 0.8% below pre-pandemic levels.
The services industry rose 0.3%, while the manufacturing industry rose 0.5%. The economy rose 2.9% for the three months ended August. This is lower than the 3% forecast.
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New data from the National Bureau of Statistics found that hotels and restaurants rose 10.3% as people are more socialized and less “pings” have risen 10.3%.
“The August improvements probably had a lot to do with the decline of restraints from the July ‘pindemic’. This meant that at some point, more than a million people were giving back to themselves.”
“And the recent shortages and the growing fuel crisis may mean that growth has been largely stagnant since August.”
However, transport recovered in August, but still below pre-pandemic levels. For example, air travel rose 27.5% in August thanks to relaxed restrictions. It’s still 75% below pre-pandemic levels.
