GDP picks up in August

The UK GDP was up 0.4% in August, according to new figures from the Office of National Statistics.

 “Our economic recovery is continuing with more employees on payrolls than ever before and the UK forecast to have the fastest growth in the G7 this year,” said Rishi Sunak.

“As we rebuild from the pandemic, we are taking action to ensure our economy remains strong by helping people find great work through our Plan for Jobs.”

The service industry was up by 0.3% whilst manufacturing was up by 0.5%. The economy in the three months to August grew by 2.9%, which is lower than forecasts of 3%.

Commenting on the latest figures, Danni Hewson, AJ Bell financial analyst, said: “Is this a glass half full moment?  It’s hard to be cheery about where the economy was when households and businesses are facing an agonising winter, but there are real bright spots when you dig into the numbers. “

“Firstly, the economy is clawing its way back to pre-pandemic levels and is less than one percent below where it was in February 2020.  Then there’s the service sector, bars and restaurants, art galleries, travel agents, all enjoying their moment in the sun as consumers rushed out to enjoy life in all its glories. “

” Yes, retail suffered by comparison, but who wants to shop when you can experience, and people often put off purchases in the summer with half an eye on what will nestle under the Christmas tree.”