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British Economy Grew Faster Than Previously Reported

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The UK economy grew significantly faster in the second quarter than previously estimated. As a result, companies stepped up their investments even further than the UK National Statistics Office had initially estimated during that period.

 

The service sector, for example, catering and shops, also grew faster than previously measured, thanks to the termination of many lockdown measures.

Compared to the first quarter, gross domestic product increased by 5.5 percent, reports the Office for National Statistics (ONS). However, in a first estimate, the statistical office still reported 4.8 percent economic growth every quarter.

The corona crisis hit the British economy hard. Unfortunately, the country is still not over that blow. Compared to the last quarter of 2019, the economy is still 3.3 percent smaller. However, the chance that this gap will be closed in 2021 is becoming smaller and smaller.

Andrew Bailey, who heads the British central bank, said this week that problems in international transport and rising inflation are obstacles. Therefore, the Bank of England counts on a full recovery from the pandemic not coming until early 2022.

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