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Food Services and Entertainment Boost UK Economy in August After July Decline

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UK Economy in August

The UK’s economy continued to expand in August, with a slight decline in construction being offset by improved growth in the recently-unlocked creative arts and entertainment sectors.

Source: Office for National Statistics

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Gross domestic product (GDP) is projected to have expanded by 0.4% in August 2021 and still remains 0.8% below its pre-COVID-19 pandemic level recorded in February 2020.

Meanwhile, the ONS stated that GDP growth for July 2021 had been revised downwards to -0.1% from 0.1%, attributable to a downward revision of the data for the manufacture of motor vehicles, oil, and gas.

UK services output expanded by 0.3% in August 2021, with the output in consumer-facing services rising by 1.2%, while other services expanded by 0.1%. All other services are 0.4% higher than the pre-pandemic levels.

Accommodation and food service activities, and arts, entertainment, and recreation made the biggest contribution to the growth in services in August 2021, partially offsetting the decline in retail trade and health output.

UK construction fell, with output 0.2% lower in August 2021. The sector is now 1.5% below its pre-pandemic level.

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