The UK economic recovery is running out of steam – GDP grew just 2.1% in August despite government support

SourceBusiness Insider
SectorEconomy
CountryMiddle east

The UK economy grew by 2.1% in August, well below expectations for an expansion of 4.6%. The ONS said: "Although August 2020 saw the fourth consecutive month of growth it was the slowest rate of expansion since April 2020 and production industries growth was relatively subdued."Across services, 65% of monthly growth came from accommodation and food and beverage service activities, with more businesses opening up to benefit from the government's "Eat Out to Help Out"  scheme.Visit Business Insider's homepage for more stories. The UK economy grew by just 2.1% in August, its fourth month of expansion, but the pace of recovery from the coronavirus pandemic was far slower than expected, despite a raft of government measures to help prop up activity, according to data on Friday. The Office for National Statistics said ...read more...