2023-09-02 09:23:21
The British economy regained pre-COVID-2021 levels earlier than expected, contrary to previous estimates that indicated that the gross domestic product was having difficulty returning permanently to above this level, according to updated figures published by the British National Statistics Office.
The bureau said, in a report published Friday, that the growth of the gross domestic product was revised and raised by 1.1 percentage points, to reach an increase of 8.7 percent. It had decreased less than expected in 2020, by 10.4% (compared to 11% as previously estimated).
The result is that the Statistical Office estimates that GDP was 0.6% higher than pre-pandemic levels in the fourth quarter of 2021, while the Statistical Institute had so far believed it was 1.2% lower in that period.
The Office for National Statistics had previously estimated that the British economy would not return to its pre-Covid level until a few months ago in its monthly figures, and not yet in terms of GDP, which seemed to indicate that the country’s recovery was lagging behind compared to other G7 countries. especially.
And the British Finance Minister, Jeremy Hunt, wrote on the X platform that the British economy “recorded, in fact, greater growth compared to pre-pandemic levels compared to Germany, France and Japan.” He stressed that “regressive rhetoric regarding Britain and its long-term prospects is simply wrong.”
“However, there are still many battles to be won, particularly once morest inflation, in order to ease the cost of living pressure on families,” Hunt said in a separate statement.
Craig McLaren, an expert at the Statistics Office, said, as quoted in a blog on the bureau’s website, that Britain was among the first countries to update its core estimates with more detailed data. (AFP)
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