Published 12 August 2021 comments Comments Share close Share page Copy link About sharing The UK economy grew by 4.8% between April and June, according to official figures, as most businesses emerged from lockdown. Data from the Office for National Statistics showed that the expansion in gross domestic product (GDP) was fuelled by retail, restaurants and hotels. Education also boosted the economy as schools reopened in the second quarter. However, the figure was slightly below the 5% the Bank of England expected. The UK economy is now 4.4% smaller than it was before the pandemic. What is GDP and how is it measured? Growth in the second quarter contrasts with the first three months of the year, when the economy shrank by 1.6% while Covid restrictions were still in place. Chancellor Rishi Sunak told the BBC: “Today’s figures show that the economy is recovering very strongly, exceeding many people’s expectations. “But I’m not complacent. The economy and our public finances have experienced a significant shock. It is going to take us time to fully recover from that.” Capital Economics said it expected the economy to return to pre-Covid levels later this year. “We are comfortable with our view that monthly… Read full this story
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