• UK GDP growth slowed sharply in August

Market news

9 October 2020

UK GDP growth slowed sharply in August

According to the report from Office for National Statistics, monthly gross domestic product (GDP) grew by 2.1% in August 2020 following growth of 6.4% in July, 9.1% in June and 2.7% in May. Despite this, the level of output has not fully recovered from the record falls seen across March and April 2020, and is still 9.2% below the levels seen in February 2020, before the full impact of the coronavirus (COVID-19) pandemic.

Gross domestic product (GDP) grew by 8.0% in the three months to August 2020 as restrictions on movement eased across June, July and August.

All the headline sectors provided a positive contribution to GDP growth in the three months to August 2020. The services sector grew by 7.1%, production by 9.3% and construction by 18.5%. 

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