September 28, 2022
  • September 28, 2022

GDP grew 0.4% in August, approaching its pre-pandemic level

By on October 13, 2021 0

Gross domestic product (GDP) grew 0.4% in August 2021, according to the latest figures, remaining 0.8% below its pre-pandemic level.

Although the Office for National Statistics (ONS) has since revised its forecast for GDP growth in July from a growth of 0.1% to a decline of 0.1%.

The output of services rose 0.3% in August, as output of consumer services rose 1.2%, the ONS found.

All other services rose 0.1%, pushing all other services 0.4% above their pre-pandemic levels, while consumer services remain 4.7% lower while the UK is struggling with supply chain issues.

Chancellor of the Exchequer Rishi Sunak said: “Our economic recovery continues with more employees than ever before and the UK expects to have the fastest growing G7 this year.

“As we recover from the pandemic, we are taking action to ensure our economy remains strong by helping people find great jobs through our jobs plan. “

The country’s construction output contracted, falling 0.2% in August, meaning the sector is now at the 1.5% levels seen in February of last year.