UK Economy Performed Better Than Previously Thought in Second Quarter, Revised Report Says
08:29 GMT 30.09.2021 (Updated: 13:54 GMT 06.08.2022)
© AP Photo / Matt Dunhama British flag is blown by the wind near to Big Ben's clock tower in front of the UK Houses of Parliament in central London
© AP Photo / Matt Dunham
LONDON (Sputnik) – The United Kingdom's Gross Domestic Product (GDP) grew by 5.5% between April to June, 2021, instead of the 4.8% previously estimated, as a result of an increase in consumers expenditure following the lifting of the COVID-19 restrictions, the Office for National Statistics (ONS) announced on Thursday on a revised report.
"UK gross domestic product (GDP) is estimated to have increased by 5.5% in Quarter 2 (Apr to June) 2021, revised from the first estimate of a 4.8% increase," the ONS said.
According to the official body, the largest contributors to this increase were from wholesale and retail trade, accommodation and food service activities, education and human health, and social work activities.
Commenting on Thursday’s revised figures, ONS Deputy National Statistician Jonathan Athow said "households have been saving less in recent years than previously thought.
"Household saving fell particularly strongly in the latest quarter from the record highs seen during the pandemic, as many people were again able to spend on shopping, eating out and driving their cars," Athow added.
The report said that the level of GDP is now 3.3% below where it was at the end of 2019, having initially estimated a 4.4% shortfall.