UK’s GDP still below its pre-COVID-19 level

For sale signs in the streets of London indicate the great impact the EU financial crisis is having on businesses and people in the UK.

The United Kingdom’s (UK) economy grew by 0.1 percent in the first quarter (Q1) of this year, official figures showed on Friday.

In output terms, the services sector grew by 0.1 percent between January and March, driven by increases in information and communication, and administrative and support service activities, the Office for National Statistics (ONS) said.

The construction sector grew by 0.7 percent, the production sector by 0.1 percent, and manufacturing by 0.5 percent.

Despite the expansion, the country’s quarterly gross domestic product (GDP) is still 0.5 percent below its pre-COVID-19 level (fourth quarter of 2019).

The UK remains the only G7 (Group of Seven) country in which the main quarterly measure of GDP has not recovered to its pre-pandemic peak yet, Samuel Tombs, chief UK economist at Pantheon Macroeconomics consultancy, noted. “This chiefly reflects weakness in households’ real spending.”

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The United Kingdom’s (UK) gross domestic product (GDP) fell by an estimated 0.2 percent in the third quarter (Q3), the first quarterly contraction since the start of 2021, official statistics showed on Friday. This follows [Read More]


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