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The UK's Second-Quarter GDP Grew By 4.8% Quarter-On-Quarter / The U.S. PPI Rose By 7.8% In July, The Highest Since November 2010

The UK's Second-Quarter GDP Grew By 4.8% Quarter-On-Quarter

The UK's second-quarter gross domestic product (GDP) grew by 4.8% on a quarter-on-quarter basis, sharply breaking away from the previous quarter's contraction of 1.6%, which was in line with market expectations. It was mainly driven by the rapid restart of economic activities and demand after the epidemic restriction order was lifted. Calculated at an annual rate, the UK's GDP has surged by 22.2%, a record high, and it has also escaped from five consecutive quarters of recession. On a monthly basis, GDP also saw an increase of 1%, marking the fifth consecutive month of rising. At present, the UK GDP is still about 2.2% below the pre-pandemic level. However, if the vaccine can effectively control the epidemic, the local economic gap is expected to return to the pre-epidemic level in the short term.


The U.S. PPI Rose By 7.8% In July, The Highest Since November 2010

The U.S. July final demand production price index (PPI) continued to rise 7.8% year-on-year, the highest since November 2010, and the increase was also higher than market expectations and the previous value of 7.3%. If calculated on a monthly basis, PPI rose by 1%, which was also higher than market expectations by 0.6%. The previous value also rose by 1%, mainly driven by the increase in service costs. During the period, the core PPI excluding food and energy rose by 6.2% year-on-year, which was also higher than market expectations and the previous value of 5.6%. The high inflation in the upstream of the United States reflects that the pressure on companies to pass on costs to consumers is continuing to heat up.

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