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    UK economy grows stronger than expected in Q3 2021: ONS

    The UK’s gross domestic product (GDP) is estimated to have increased by 1.1% in the third quarter of this year, revised from the initial estimate of 1.3%. GDP levels have been revised from the previous estimate of 2.1%, 1.5% below pre-COVID-19 levels in the fourth quarter of 2019 due to the upward revision of growth in 2020.

    The UK’s annual GDP in 2020 is now estimated to be down 9.4%, revised from the first quarter estimate of minus 9.7%.

    From an output perspective, the biggest contributors to the increase in the third quarter of 2021 were hospitality and arts, entertainment and recreation following further deregulation and economic resumption during this period. Both production and construction have fallen.

    The UK’s gross domestic product (GDP) is estimated to have increased by 1.1% in the third quarter of this year, revised from the initial estimate of 1.3%. GDP levels have been revised from the previous estimate of 2.1%, 1.5% below pre-COVID-19 levels in the fourth quarter of 2019 due to the upward revision of growth in 2020.

    Household consumption increased by 2.7%, revised upward in the third quarter of 2021, making the largest contribution to spending. There was an underlying inventory decline that was likely to reflect some of the recent supply chain challenges. Negative contributions from net trade, according to the National Bureau of Statistics.

    The UK’s net borrowing position with other parts of the world increased to minus 4.3% as a percentage of GDP in the third quarter of 2021 compared to minus 2.4% in GDP in the second quarter.

    UK GDP is estimated to have increased 1.1% in the third quarter of 2021, down from the first quarter estimate of 1.3%. This follows a revised increase of 5.4% in the second quarter of 2021 after the COVID-19 restrictions were relaxed. The UK’s real quarterly GDP level was revised from 2.1%, 1.5% below the pre-pandemic level at the end of 2019.

    Fiber2Fashion News Desk (DS)

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    UK economy grows stronger than expected in Q3 2021: ONS

    Source link UK economy grows stronger than expected in Q3 2021: ONS

    The post UK economy grows stronger than expected in Q3 2021: ONS appeared first on Eminetra.

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