Signs of recovery for the UK economy with “largest quarterly expansion on record”
The UK economy has seen a growth of almost a fifth during the third quarter of the year despite the disruption of the COVID-19 crisis.
The Office for National Statistics (ONS) has reported that GDP grew by 15.5% between July and September, in the period between national lockdowns.
According to the ONS, nominal GDP increased by 12.6 per cent in Q3 of 2020 - its largest quarterly expansion on record.
As well as the relaxation of restrictions and reopening of retail businesses, the period also saw the launch of the government’s Eat Out To Help Out scheme at restaurants across the country.
The increase marks the first economic uplift after two consecutive quarterly falls, but that the economy has not recovered to pre-pandemic levels.
Jonathan Athow, deputy national statistician for economic statistics, commented: “While all main sectors of the economy continued to recover, the rate of growth slowed again, with the economy still remaining well below its pre-pandemic peak.”
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