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UK Economy Rebounds 4.8% as Indoor Hospitality, Non-Essential Retail Reopen

August 12, 2021 by Forex Winner Leave a Comment

UK Economy Rebounds 4.8% as Indoor Hospitality, Non-Essential Retail Reopen

Source: Office for National Statistics

The UK economy rebounded in the second quarter, driven mainly by the growth in services and hospitality as quarantine restrictions were eased during the period.

  • The gross domestic product expanded by 4.8% in the second quarter. This compares with -1.6% in the first quarter, and -19.5% in the same quarter last year.
  • The latest reading is now 4.4% lower than the level seen before the COVID-19 pandemic in the last quarter of 2019.
  • Services output grew 5.7% in the quarter, following the 2.1% contraction in the previous quarter, as indoor hospitality and non-essential retail were reopened.
  • The biggest growth was recorded in accommodation and food service activities which soared 87.8%, while wholesale and retail trade grew by 12.8%.
  • Education output climbed 19.4% to reflect the reopening of schools as in-school attendance increased.
  • Production output posted a 0.5% gain, while construction output increased by 3.3%.
  • All main components of expenditure climbed, apart from trade.

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