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Economic growth stalls in July

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Data from the Office for National Statistics (ONS) shows that the UK economy grew by just 0.1% in July. While this marks the sixth consecutive month of growth, the increase is far lower than the 1% growth recorded in the previous month and means the economy remains 2.1% below its pre-pandemic peak. The ONS report shows that the main contributor to growth was a 1.2% rise in production output. The data also shows that GDP grew by 3.6% in the three months to July. Jonathan Athow, the ONS’s deputy national statistician for economic statistics, said: “After many months during which the economy grew strongly, making up much of the lost ground from the pandemic, there was little growth overall in July”, while Chancellor Rishi Sunak said the figures showed the recovery was “well under way”. Professor Jagjit Chadha, director of the National Institute of Economic and Social Research, commented that while July’s increase was “lower than most people expected”, the economy is slowly getting back to its pre-pandemic level and “there were always going to be potholes along the way.” Alpesh Paleja, lead economist at the Confederation of British Industry, said: “The UK’s economic recovery continued in July against the backdrop of the pingdemic gathering pace.”

 

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