The UK economy appears to have pulled ahead of Germany’s in its recovery from the Covid-19 pandemic, with updated figures suggesting gross domestic product rose more quickly than thought.
GDP jumped 8.7% in 2021 as the economy bounced back from lockdowns, instead of the 7.6% previously estimated, the Office for National Statistics said Friday. The slump in 2020 was also shallower than the ONS had estimated, with output falling 10.4% rather than 11%.
The revisions for the UK stop in the fourth quarter of 2021, leaving comparisons after that point based the ONS’s current estimates of GDP that may well be revised in the future. “The fact that the UK recovered from the pandemic much faster than thought shows that once again those determined to talk down the British economy have been proved wrong,” Chancellor of the Exchequer Jeremy Hunt said in a statement. “There are many battles still to win, most of all against inflation. We can look forward to healthy growth which according to the IMF will be faster than Germany, France, and Italy in the long term.
“These revisions are mainly because we have richer data from our annual surveys and administrative data,” the ONS said in statement. “We are now able to measure costs incurred by businesses directly and we can adjust for prices at a far more detailed level.”
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