London (CNN Business) UK economic growth slowed in August despite an easing of lockdown restrictions and government subsidies for dining in restaurants, suggesting that Britain's recovery was stalling even before a second wave of coronavirus arrived. The Office for National Statistics said in a statement Friday that the UK economy grew by 2.1% in August. It was the fourth consecutive month of economic growth following a 20% contraction in April that led to the worst quarterly decline on record . But growth rates were stronger in May (2.7%), June (9.1%) and July (6.4%), signaling that the recovery is losing momentum. In construction, output rose by 3% leaving it almost 11% below its pre-crisis peak, while manufacturing grew just 0.7%.

Source: CNN October 09, 2020 10:12 UTC