UK economy continues to recover as GDP rises by 4.8%
Figures released today have shown that UK economic growth has risen by nearly five per cent over the last quarter.
The Office for National Statistics (ONS) has reported today that UK gross domestic product (GDP) has increased by 4.8 per cent in the three months from April to June this year.
The organisation said that the increase was due to the easing of lockdown restrictions across the country, with GDP reaching its highest level since the first quarter of 2020, and is 4.4 per cent below pre-pandemic levels.
This follows last week’s predictions from the Bank of England that GDP would rise by 5 per cent during the period.
The ONS said: “There have been increases in services, production and construction output over the quarter.
“In output terms, the largest contributors to this increase were from wholesale and retail trade, accommodation and food service activities, and education.
“The level of GDP is now 4.4 per cent below where it was pre-coronavirus pandemic at Quarter 4 (Oct to Dec) 2019.
“In Quarter 2 2021, there were increases in nearly all main components of expenditure apart from “trade”, with the largest contribution from household consumption, which contributed 4.1 percentage points to the 4.8 per cent increase following the easing of coronavirus restrictions in Quarter 2 2021 compared with Quarter 1 (Jan to Mar) 2021.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning National email for free.