According to the latest report from the UK Office for National Statistics, the pandemic's effects are starting to wear-off.
According to the Office's data, the country managed to recover slightly over half of the lost pandemic-induced output. The GDP figures came in at 6.6%, a tenth below the market consensus. The July numbers follow an 8.7% gain in June and a 2.4% in May. In April, the country reported a GDP contraction of 20%.
The increase reported for July was mostly driven by a 140.8% rise noticed in the accommodation and food sectors. The activity in these sectors is still 60.1% below the February level. The alcohol industry grew by 32.7%.
From the experts' point of view, despite the systematic recovery seen by economists in Q3 that could reach 17%, the UK economy would still be 8% lower than its pre-pandemic level.
Sources: forexfactory.com, bbc.com