UK Economy Expanded By 7.5% In 2021
Last year, the UK economy expanded at the fastest pace since the Second World War after taking a hit that was less severe than expected in December.
The economy’s 7.5% expansion was the largest since 1941 and made the UK the quickest-growing advanced economy in 2021. In December, gross domestic product fell 0.2%, with the spread of the Omicron variant of coronavirus encouraging more people to stay at home.
These recent figures are encouraging amid the cost of the living crisis, likely keeping the Bank of England focused on efforts to restrain rocketing inflation with an interest-rate hike looming in the near future.
After being hit hard by a pandemic recession, the UK has enjoyed a strong recovery, accelerated by billions of pounds of government support for jobs and companies. At present, the country’s economy is set to outperform other Group of Seven nations yet again this year.
However, despite the positive sign that these recent figures reflect, the UK is yet to return to its pre-pandemic levels of quarterly output. This is a milestone already reached by both France and the United States.
