(Morning News) Britain’s gross domestic product (GDP) will grow by 7.5% in 2021, the largest increase since World War II.
The U.K. government’s measures to limit the spread of Omikojon have dented consumer spending, and a shortage of goods in stores and a record number of job vacancies on Christmas Eve last year also weighed on the economy, Bloomberg reported. The UK economy shrank by 0.2% in December.
The UK’s continued recovery since last spring has pushed GDP growth to 7.5% for all of 2021, the latest figures from the Office for Statistics showed on Friday (February 11). It was the country’s strongest annual expansion since World War II.
In 2020, the UK experienced one of the largest annual economic contractions of any major economy, with GDP plummeting by 9.4%, early in the global outbreak of the Covid-19 outbreak.
However, the U.K. has yet to return to its pre-pandemic quarterly output levels, a milestone that has been surpassed in the U.S. and France.
