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U.K. economy records slowest GDP rise since pandemic

People walk through a crowded shopping street in Birmingham, central England on August 22, 2020.


justin tallis/Agence France-Presse/Getty Images

The U.K. economy grew 2.1% in August, according to data released Friday that showed the slowest monthly gain since the initial lockdowns.

The gain in gross domestic product leaves the U.K. economy 9.1% below February levels, according to the Office for National Statistics. It also was below economist expectations for growth of 4.6%.

U.K. GDP had climbed 6.4% in July, 9.1% in June and 2.7% in May. The slowing growth figures are concerning as the U.K. has subsequently tightened restrictions in several areas due to rising cases of coronavirus.

In August, construction improved by 3% and services output rose 2.4%, while production rose 0.3%, manufacturing rose 0.7% and agriculture fell 0.7%.

The pound
GBPUSD,
+0.20%

was steady and has been moving more of late on news about European Union trade talks than U.K. economic data.

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