Britain economy declines for six consecutive months

Gulf Today Report

The United Kingdom economic growth has slipped for a sixth consecutive month as coronavirus continuous to force the authorities to impose restrictions.

According to the Office for National Statistics, the country’s gross domestic product expanded 0.4% in October from a month earlier. However, the economy is likely to decline rapidly due to the surge in coronavirus cases.

Although GDP has grown in the last six months, the recovery has declined every month. The economy is 7.9% less than it was pre-pandemic. 

READ MORE 

Gold steadies as investors await stimulus

Indian shares fall due to UPL scandal

Oil jumps on COVID-19 vaccine roll-out and approval

In October, Industries from manufacturing to health services, retail and education expanded. The hospitality sector on the other hand declined.

The hospitality industry shrank 14.4% in the month, the ONS said. Without the decline in accommodation and food and beverage services, GDP would have grown 1.3% in October.