Markets

UK economy recovers faster than expected after lockdown lifts

independent– The UK economy recovered faster than expected between April and June this year as spending surged after lockdown.

The Office for National Statistics said that gross domestic product increased by 5.5 per cent in the second quarter of the year, after being revised up from the initial estimation of 4.8 per cent.

Shops re-opening and a return to eating out helped fuel the upward GDP revision, with household spending contributing four percentage points of the 5.5 per cent increase.

The bounce-back recovery has slowed down in recent months, however, with economic growth easing to only 0.1 per cent in July. This was a drop from 1.4 per cent growth in the month of June.

Related Articles

Back to top button