U.K. Economy Hits Nine-Month High in April

Source: Office for National Statistics 

The United Kingdom gross domestic product posted a nine-month high in April, as more businesses reopened amid the easing of government restrictions due to the COVID-19 pandemic.

• GDP grew by 2.4% in April to mark the fastest monthly growth since July 2020.
• Services climbed 3.4% on the back of the 12.7% growth in consumer facing services, signalling a recovery to the peak in October 2020.
• Retail sales gained 9.2% after non-essential retail establishments were allowed to resume operations from April 12 in England and Wales and from April 26 in Scotland.
• Accommodation grew 68.6% as caravan parks and holiday lets picked up, while food and beverage services surged 39% as restaurants offered al fresco dining.
• Production output shrank 1.3% led by the drop in mining and quarrying which contributed -0.1 percentage points. This is the first fall since January.
• Construction fell 2.0% on lower new work and repair and maintenance. This is the first fall since December 2020.