UK Economic Rebound Stronger Than First Thought in Second Quarter

The UK’s economic bounce-back was faster than first thought in the second quarter as spending surged after lockdowns lifted, according to official figures. The Office for National Statistics (ONS) said gross domestic product (GDP) increased by 5.5 percent between April and June after being revised up from the initial estimation of 4.8 percent. The ONS said this meant GDP was 3.3 percent below where it was in the final quarter of 2019 before the pandemic struck, against the 4.4 percent previously estimated. The biggest driver of the upward GDP revision was household spending, which contributed four percentage points of the 5.5 percent increase as restrictions eased to allow outdoor dining in April, with further restrictions lifted in May. While pent-up demand after the early 2021 lockdown saw Britons ramp up their spending, more recent GDP figures have shown a marked slowdown in the growth recovery. Figures earlier this month showed …

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