UK economy grew by 2.3 per cent in April as high street and hospitality reopened

first_img “Today’s GDP number confirms that the UK is witnessing a strong recovery,” said Emma Mogford, fund manager of Premier Miton. Share Damian Shepherd “The release of pent up demand, as consumers return to shops and restaurants, is significant. Investment by businesses is also picking up, now that there is greater certainty over the outlook post-Covid and post-Brexit.” A group enjoy a pint at a Soho pub after the UK’s hospitality sector reopened. (Photo by Dan Kitwood/Getty Images) Britain’s economy grew by 2.3 per cent in April as government restrictions affecting economic activity continued to ease. Last month, the Bank of England raised its forecast for British economic growth in 2021 to 7.25 per cent from February’s estimate of five per cent. Also Read: Exclusive: Government says return to the office is up to ‘personal discretion’ when restrictions ease “Today’s figures are a promising sign that our economy is beginning to recover,” finance minister Rishi Sunak said in a statement. whatsapp Within production, mining output dropped sharply, by 15 per cent, because of planned temporary closures for maintenance of oil field production sites. “Consumer confidence has surged higher in recent months as the reopening continues, which bodes well for more domestically-focused companies.” Also Read: ‘Nothing is negotiable’: France threatens to veto any changes to Brexit deal by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeAll Things Auto | Search AdsNew Cadillac’s Finally On SaleAll Things Auto | Search AdsLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsPsoriatic Arthritis | Search AdsWhat Is Psoriatic Arthritis? See Signs (Some Symptoms May Surprise)Psoriatic Arthritis | Search AdsBrake For ItSay Goodbye: These Cars Will Be Discontinued In 2021Brake For ItNational Injury BureauJury Finds Roundup Responsible For Lymphoma | Bayer To Pay $10 BillionNational Injury BureauDrivepedia30+ Funny Photos Of Car Owners Having A Rough DayDrivepediaMoneyWise.comMechanics Say You Should Avoid These Cars In 2021  MoneyWise.comElvenarIf You Are Above 30, this Fantasy Game is a Must-Have. No Install.ElvenarGameday NewsMichael Oher Tells A Whole Different Story About ‘The Blind Side’Gameday News Meanwhile, the construction sector contracted by two per cent following a strong March, with new work slowing down faster than repair and maintenance. The service sector grew by 3.4 per cent during the month, with consumer-facing services reopening as Covid restrictions eased.center_img That would be the fastest annual growth since 1941 when Britain was recovering during World War Two. Service sector shines Sunak: ‘Promising sign’ It was the fastest monthly growth of gross domestic product (GDP) since July last year and exceeded economists’ forecast of a 2.2 per cent jump. “While overall output remains just above pre-pandemic levels, driven by an increase in repair and maintenance work, new work contracts declined which bucks recent growth trends.” Friday 11 June 2021 7:44 am UK economy grew by 2.3 per cent in April as high street and hospitality reopened “Today’s figures show that although confidence is returning to the construction sector, this remains delicate and growth in specific work sectors is mixed,” said Clive Docwra, Managing Director of McBains. whatsapp April’s GDP remains 3.7 per cent below the pre-pandemic levels seen in February 2020, but is now 1.2 per cent above its initial recovery peak last October. Also Read: Boris Johnson: Call UK-US partnership the ‘indestructible relationship’ Output in the production sector fell by 1.3 per cent during April, the worst fall since January as three of the four sectors contracted. “We’ve grown accustomed to erratic GDP figures since the pandemic, but today’s data confirms that the UK reached a turning point in April, when the re-opening of non-essential retail and easing of hospitality restrictions boosted spending,” said Jonathan Sparks, chief investment officer at HSBC. In comparison with April 2020, monthly GDP in April 2021 is estimated to have grown by 27.6 per cent. Show Comments ▼last_img

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