UK: GDP recovery lags and languishes in Jul-20
- UK GDP grew by 6.6% m-o-m in July, broadly matching the Consensus expectation. Nonetheless, activity is still 11.8% below February levels, with only 54% of the decline recovered. That is worrying when most sectors had reopened by then.- Retail reopened relatively early, so GDP’s recovery is naturally lagging by about a month. However, it is also languishing, with the lagged ratio of growth rates slowing from 0.7 to 0.47. Slowing so soon is disappointing for the demand outlook.
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