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Note: This report summary is one or two months behind the current month as standard reporting practice. The content is indicative only and incomplete with certain data undisclosed. Become a member to access this data or take out a free 30 day membership trial now.
UK GDP increased by 4.8% quarter-on-quarter in Q2 2021 (April-June), as most businesses emerged from lockdown and consumers splashed out following the easing of Covid-19 restrictions.
UK GDP is forecast to grow by 6.9% in 2021 as a whole, according to independent forecasts from the Treasury.
GfK’s Consumer Confidence score inched down one point to -8 in August.
However, confidence remains above its March 2020 pre-lockdown headline score (-9), indicating continued optimism around the post-Covid recovery.
The labour market continues to recover following the reopening of the economy in recent months. A significant rise in the number of vacancies confirms the current recruitment difficulties many industries are facing.
CPI inflation eased in July, rising by 2.0% YoY, from the 2.5% rise in the previous month. This is the first time inflation has moderated since February
Retail sales rose by 00% in July YoY according to the Retail Economics Retail Sales Index (value, non-seasonally adjusted, exc. Fuel); and rose by 7.9% against 2019 levels.
‘Freedom Day’ did not bring the anticipated in-store sales boost that many retailers were hoping for. The lifting of restrictions on hospitality and leisure gave people a wider array of places outside of retail to spend their time and money, diluting consumer spending.
The housing market is cooling as the Stamp Duty holiday is phased out. After hitting a record high in June, residential property transactions were 62% lower in July at 82,110.
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