Christopher BarrettLive events including festivals played a very significant role in helping to lift the UK economy in August, with an 8.5% rise in output from arts and entertainment meaning the sector was the second largest contributor to services growth in August.
The Office of National Statistics (ONS) said services was the main contributor to a 0.4% growth in GDP in August 2021, the first full month of coronavirus restrictions on social distancing being lifted.
It said the return of festivals, restaurants and socialising over the summer helped to lift economic growth in August but activity has since stalled.
Disruption to the supply chain caused by the pandemic and Brexit has not only impacted festival organisers but had a negative impact on exports and imports in August. As a result, Britain’s trade deficit grew from £2.9bn in July to £3.7bn in August, according to the ONS.