Growing Your Business
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Post Covid economic recovery continues
While it isn't yet a fully fledged boom, the UK economy has definitely grown substantially since May.
New data reveals that the economy grew by 6.6% in July, following an 8.7% expansion in June.
Pubs and restaurants lead the way
The reopening of pubs and restaurant saw the food services and accommodation sector grow by an enormous 140.8% between June and July. This had a positive knock-on effect for many industries including the alcohol sector, which grew by 32.7%.
Meanwhile, the inevitable increases in UK 'staycations' had a good impact on many industries, and gave a welcome boost to high streets throughout the UK - especially those in or near holiday hotspots.
The car sector saw sales rise to pre-pandemic levels, with showrooms reporting a huge rise in footfall. Other indsutries, including hairdressing, are inevitably seeing an encouraging lift in sales.
However, the economy is still around 12% smaller than it was before the pandemic. And with the furlough scheme coming to an end in October and new restrictions being imposed as a result of rising Covid-19 cases, there is concern that the recovery may slow.
Whatever happens, the recent recovery will definitely help to ease the hardships of whatever comes next. And it's clear that a full national lockdown similar to the first is something the government is desperate to avoid.