Home Economy UK economic growth picks up in August after July dip

UK economic growth picks up in August after July dip

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The City of London financial district can be seen in the background as people sit at an outdoor dining area during sunny weather on the south side of the River Thames in London, Britain, September 7, 2021. REUTERS/Henry Nicholls

LONDON, Oct 13 (Reuters) – Britain’s economy returned to growth in August after contracting for the first time in six months in July, keeping intact financial market bets that the Bank of England will begin raising interest rates before the end of the year.

Gross domestic product grew by 0.4% in August – a shade under market expectations in a Reuters poll of economists – after it was revised down to show a drop of 0.1% in July when staff absences linked to the Delta variant of COVID-19 peaked.

“The economy picked up in August as bars, restaurants and festivals benefited from the first full month without COVID-19 restrictions in England,” Darren Morgan, director of economic statistics at the Office for National Statistics, said.

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