UK economy expands by 7.5% in 2021

UK gross domestic product (GDP) is estimated to have increased by 1 per cent in the fourth quarter (Q4) 2021, following a downwardly revised 1 per cent rise in Q3, and excluding non-monetary gold in net trade, household consumption made the largest positive contribution to growth in that quarter. GDP increased by an estimated 7.5 per cent in 2021, following a 9.4 per cent fall in 2020.

The level of quarterly GDP in Q4 is now 0.4 per cent below its Q4 2019 level.

Compared with Q4 2020, GDP increased by 6.5 per cent in Q4 last year, the Office of National Statistics said on its website.

UK GDP is estimated to have increased by 1 per cent in the fourth quarter (Q4) 2021, following a downwardly revised 1 per cent rise in Q3, and excluding non-monetary gold in net trade, household consumption made the largest positive contribution to growth in that quarter. GDP rose by an estimated 7.5 per cent in 2021, following a 9.4 per cent fall in 2020.

Monthly estimates published recently show that the country’s GDP fell by 0.2 per cent in December 2021, but is at its pre-coronavirus level (February 2020).

Following the large 9.4 per cent fall in 2020 because of the initial impact of the coronavirus (COVID-19) pandemic and public health restrictions, UK GDP saw an annual rise of 7.5 per cent in 2021.

Nominal GDP rose by 1.5 per cent in Q4 2021 and is 7.3 per cent higher than the same quarter a year ago. It is now 4.9 per cent above its Q4 2019 levels.

Fibre2Fashion News Desk (DS)