The UK is on the road to recovery

By: Miguel A. Rodriguez

09:45, 14 September 2020

1599835865.jpg
In July, the UK economy expanded by 6.6%

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.

The country's benchmark, UK100 is currently trading higher by 0.19%, while the GBP/USD is at 1.2865.

Sources: forexfactory.com, bbc.com


Share this article

This information prepared by capex.com/za is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation, or the particular needs of any recipient.You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation, or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.This information may not be published, circulated, reproduced, or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of capex.com/zaJME Financial Services (Pty) Ltd trading as CAPEX.COM/ZA acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via CAPEX.COM/ZA, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15.  Magnasale Trading Ltd is the principal to the CFD purchased by investors.

Most affected instruments

UK100

$ 10

GBP/USD

$ 10