UK sees largest quarterly GDP jump since 1955

UK sees largest quarterly GDP jump since 1955
  • Clock-gray 14:46
  • calendar-gray 22 December 2020

The United Kingdom's gross domestic product (GDP) soared by 16% in the third quarter of the year compared to the previous trimester, the Office for National Statistics said in its report published on Tuesday. The figure has been revised up versus the previous estimate, and has surpassed analysts' expectations, APA reports citing Teletrader.

The report noted that the British economy is still 8.6% below the pre-crisis level despite the significant gains made over the previous quarter. On a yearly basis, the country's economy tumbled 8.6% in the three months to September. Output in the services, production and construction sectors, as well as private consumption, government consumption and business investment remained below their pre-lockdown levels.

The coronavirus pandemic and the uncertainty related to the end of the Brexit transition period impacted the results, the release concluded.

apa-logo-mini

Other news