Car production plunged as the global microchip shortage disrupted manufacturing, weighing on UK GDP growth in May.
March's growth was stronger than expected, and set the stage for a rapid rebound for the UK economy in 2021.
Chancellor Rishi Sunak said the UK GDP figures were "a promising sign that our economy is beginning to recover."
The February growth followed an upwardly revised 2.2% drop in UK GDP in January.
January's figures left the UK economy 9% smaller than before coronavirus struck in February 2020, the Office for National Statistics said.
The UK economy shrank 9.9% in 2020 but grew 1% in Q4, figures showed on Friday. Britain’s economy was battered by the pandemic, while its death toll has been steep. Yet the Bank of England expects a sharp recovery in the second half of 2021. Sign up here for our […]
The UK economy shrank by 2.6% in November as England entered another lockdown. Britain is on the brink of a double-dip recession and faces a tough winter as COVID cases rise. Yet a fast vaccine rollout could help the economy recover in the spring and summer. The UK economy shrank […]
The UK economy expanded for a sixth month in October, but at a rate of just 0.4%, against a backdrop of rising coronavirus cases, according to figures outlined by the Office of National Statistics on Thursday. The second wave nearly brought UK economic growth to a halt as accommodation and […]
The UK economy grew by 2.1% in August, well below expectations for an expansion of 4.6%. The ONS said: “Although August 2020 saw the fourth consecutive month of growth it was the slowest rate of expansion since April 2020 and production industries growth was relatively subdued.” Across services, 65% of […]
UK GDP estimates in-line: a quarterly growth of 0.4% and annual growth of 1.3%. The figures failed to revive the pound, which hit a fresh year low against the dollar on Friday morning. Sterling is suffering from “no deal” Brexit fears and a strong dollar. LONDON – In line UK […]
On the surface, the British economy looks to be on shaky ground, but things aren’t as bad as they might seem. That’s the assessment of Andrew Goodwin, lead UK economist at Oxford Economics. Goodwin argues that the way people are analysing the data makes it look a lot worse than […]
New economic data puts the California economy at $US2.747 trillion – bigger than most nations. The ranking puts in fifth in the world, just ahead of the United Kingdom, which is on $US2.625 trillion. The difference is striking given California’s population of 40 million to the UK’s 66 million. California’s […]
UK GDP growth was just 0.1% in Q1, and Britain is just 11 months away from Brexit. The housing market is crashing, and Brits are feeling poorer. They have slowed down their consumer spending too. Suddenly, this whole Brexit thing is not looking so rosy. LONDON – The closer Britain […]
UK economy grows at its slowest rate in more than five years at the start of 2018. GDP grew by just 0.1% in the quarter, according to the Office for National Statistics. Britain was hit by a combination of “weaker manufacturing growth, subdued consumer-facing industries and construction output falling significantly,” […]
Britain’s Gross Domestic Product (GDP) grew 0.4% in the final quarter of 2017, unchanged from the previous reading. GDP grew by 1.4% on a year-to-year basis in the quarter, once again unchanged from February’s reading. Annual growth was revised marginally higher to 1.8%, but the UK is the only major […]
Britain’s economy grew just 0.4% in the final quarter of 2017, the ONS said on Thursday. That marks a downward revision from the ONS’ previous estimate that growth was 0.5%. “A number of very small revisions to mining, energy generation, and services were enough to see a slight downward revision,” […]
Britain’s economy grows 1.5% year-on-year in the fourth quarter of 2017, preliminary ONS estimate shows. Growth was expected to be 1.4%. On a quarter-by-quarter basis, GDP grows 0.5%, also ahead of forecasts. Expansion was driven by the dominant services sector, which accounts for almost 80% of GDP. LONDON – Britain’s […]