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.