The U.K. reported a 6.6% expansion in July’s GDP as the economy started to recover from the coronavirus outbreak. The Kingdom has also reached a trade deal with Japan for tariff-free trade.
U.K. GDP in July came in at 6.6%, in line with an estimated 6.7% expansion by Reuters Poll. Its GDP was 18.6% higher than its 20% contraction in April, but still remained 11.7% below the pre-pandemic levels in February.
Moreover, the U.K. made a historic move on Friday by agreeing in principle to a trade deal with Japan, marking the first trade deal after Brexit. The Kingdom expects to benefit from tariff-free trade on 99% of exports to Japan. The regulation is expected to be in action by the end of 2020 as the agreement requires approval from both parliaments.