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The UK economy grew by 15.5% in the third quarter



On October 2, 2020, a man wearing a mask or covering due to the Covid-19 pandemic walks past the Beatles statue in Liverpool, northwest England.

OLI Scarf | AFP | Getty Images

According to preliminary data released on Thursday, the UK economy grew by 15.5% in the third quarter because it has rebounded from a sharp decline.

Economists surveyed by Reuters had predicted that in the three months ending in September, GDP (gross domestic product) increased by 1

5.8% from the previous month. As the nationwide blockade measures weakened economic activity, the last quarter saw an unprecedented plunge of 19.8%.

The National Bureau of Statistics said on Thursday that the third quarter rebound marked the UK’s largest quarterly growth since the record set in 1955, but GDP was still 9.7% below the end of 2019. Compared with the third quarter of last year, GDP fell by 9.6%.

Throughout the third quarter, monthly growth slowed. According to data from the National Bureau of Statistics, driven by the professional, scientific and technological industries, GDP grew by 6.3% in July, slowed to 2.2% in August and 1.1% in September.

However, as the UK is currently under a one-month partial lockdown, until at least December 2nd, when the coronavirus cases broke out again, the recovery is expected to lose momentum in the last three months of the year.

The deadline for the UK and the EU to reach an agreement on post-Brexit trade relations is also rapidly approaching. It is widely believed that there will be a “no-deal” scenario at the end of the year, which will further disrupt the economy.

British Finance Minister Rishi Sunak recently announced the extension of the country’s vacation plan to the end of March to prevent a sudden surge in unemployment, while the Bank of England has expanded its target inventory for asset purchases to 895 billion pounds (12,000). One hundred million U.S. dollars) ).

This is a major news and will be updated soon.


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