UK economy expands by 7.5% in 2021

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.

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.

ALCHEMPro News Desk (DS)