The office for National Statistics (ONS) has released its latest analysis of growth for the production, services and construction industries in the UK economy between February 2020 and July 2021, highlighting the impact of the coronavirus (COVID-19) pandemic.
The easing of all coronavirus (COVID-19) restrictions in England on July 19 contributed to monthly gross domestic product (GDP) growing by 0.1% between June 2021 and July 2021; however, GDP remained 2.1% below its level in February 2020, which was the most recent month not significantly affected by the pandemic.
The July 2021 growth in GDP was led by a month-on-month rise of 1.2% in production, although this sector remained 2.1% below its February 2020 level; the rise was led by the mining and quarrying sector (contributing 0.16 percentage points of positive growth to GDP), with the extraction of crude petroleum and natural gas industry growing by 28.0%.
See: Coronavirus and the impact on output in the UK economy – Office for National Statistics (ons.gov.uk)
Beavis Morgan: Specialist advisers to UK SMEs
At Beavis Morgan, we have extensive experience of providing specialist advice and planning to small and medium-sized (SME) businesses. We work with our clients to put processes in place to make it easier to run your business and maintain effective management of your company’s working capital. We also assist with management accounts, enabling better control of your financial situation and awareness of the business in real-time, enhancing planning for the peaks and troughs.
We are on hand to assist you to remain profitable and increase your net worth.
Contact your usual Beavis Morgan Client Partner or email info@beavismorgan.com for further information about how we can assist you and your business.