UK economy grows faster than expected in June

The Office for National Statistics said today that Britain's gross domestic product grew 1.0% in June versus 0.6% in May, but remained 2.2% below its level before the pandemic, and analysts had expected the British economy to grow by 0.8% in June.

The services sector rose 1.5% in June while industrial production contracted 0.7% in June, production of food and beverage services such as bars and restaurants rose more than 10%, while construction output fell 1.3%. The International Monetary Fund expects the British economy to grow by 7% in 2021 and the British economy has shrunk by almost 10% in 2020, and the Bank of England expects that the British economy will reach its pre-pandemic level at the end of 2021.