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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. Subscribe to access this data or take out a free 30 day subscription trial now.
GDP increased by 00% quarter-on-quarter in Q2 2021, as most businesses emerged from lockdown and consumers splashed out following the easing of Covid-19 restrictions.
The level of economic activity in the UK is 00% below where it was prior to the pandemic at the end of 2019.
UK GDP is forecast to grow by 00% in 2021 as a whole, according to independent forecasts from the Treasury.
CPI inflation eased in July, rising by 00% YoY, from the 2.5% rise in the previous month. This is the first time inflation has moderated since February.
Looking ahead, rising energy costs and supply chain pressures led the Bank of England to revise up its inflation forecast, which is now expected to reach 4% by the end of 2021 – the highest in a decade.
‘Freedom Day’ saw the last remaining restrictions lifted for hospitality, offering consumers a wider array of places outside of retail to spend their time and money.
Apparel performed well in July as the backlog of weddings and other larger social gatherings filled households’ calendars, providing shoppers a reason to purchase new outfits.
UK business confidence increased by 6 points in August to 36%, the highest since 2017 (Lloyds).
There was notable strength in sectors benefiting from further easing of Covid restrictions. Services confidence saw the greatest monthly increase, rising by 8 points to 00%.
GfK’s Consumer Confidence score inched down one point to 00 in August. However, confidence remains above its March 2020 pre-lockdown headline score (-9), indicating continued optimism around the post-Covid recovery.
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