UK Economy Slowed Down in August

UK Economy Slowed Down in August The UK economy slowed down in August. Economic growth was suppressed in the country in the Brexit process. Today, UK's monthly growth, industrial production and trade figures for August were announced. The UK economy, one of the economies most affected by the coronavirus pandemic, grew by 1.8 percent in May, 8.7 percent in June and 6.6 percent in July, after shrinking 20.4 percent in April. According to the data released today, while the growth was 2.1 percent in August, the data recorded in July was corrected to 6.4 percent. In addition to the increase in coronavirus (Covid-19) cases in the UK, which closed July positively thanks to consumption-backed incentives, uncertainties regarding the Brexit process also hamper growth. On the other hand, while industrial production in the country increased by 0.3 percent monthly in August, it remained below expectations, while the annual shrinkage continued. The said data was recorded as -6.4 percent annually. Manufacturing production continued to shrink by -8.4 percent annually, while the trade balance reached the highest figure after April with -9 billion. Although there is an economic uncertainty in all countries with the increase in the number of cases across Europe recently, the UK is experiencing greater uncertainty due to Brexit. Looking at the last picture, the possibility of a no-deal Brexit coming out of the talks expected to be held next week seems strong.