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UK GDP Bounce-Back Faltered in July Amid ‘Pingdemic,’ Shortages

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

The UK’s economic bounce-back faltered in July despite pandemic restrictions being lifted, as businesses were caught by the “pingdemic” and materials shortages. Official statistics from the Office for National Statistics (ONS) said that gross domestic product (GDP) rose by 0.1 percent in the month of July. In June, that figure was 1 percent. The UK economy has been picking up but remains 2.1 percent below its pre-pandemic peak. “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,” said ONS deputy national statistician for economic statistics Jonathan Athow. “Oil and gas provided the strongest boost, having partially bounced back after summer maintenance. Car production also continued to recover from recent component shortages.” He added: “The service sector saw no growth overall with growth in IT, financial services, and outdoor events—which could operate more fully …

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