U.K. economy posts stronger-than-expected growth in March, gears up for recovery

12.05.2021 - Petr Mazaylo
U.K. economy posts stronger-than-expected growth in March, gears up for recovery

Official data released by the Office for National Statistics on Wednesday showed Britain’s economy surpassing the growth forecast as it posted a 2.1% expansion in March.

The retail sector led the growth, along with the construction sector, and the reopening of schools in the U.K.

In the first quarter of 2021, when the U.K. was under nationwide coronavirus restrictions, gross domestic product decreased by 1.5%, according to the data. This figure was in line with the Bank of England’s recent projection.

Last week, the Bank of England said also it expected the world’s fifth-biggest economy would recover fast amid lockdown suspension and expected the economy to grow by 7.25% in 2021 as a whole. If this materializes, this would be the country’s fastest growth since World War II.

Britain’s economy was still 8.7% smaller than at the end of 2019, before the pandemic hit the West. The central bank expects it will be back to its pre-pandemic level by the end of this year.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?