Suddenly the UK has economic growth: what does GDP reform mean?
British Office for National Statistics (ONS) looks forward to new figures on growth in the UK. The new data show, with greater reliability, that the economy has not contracted since the beginning of the pandemic, but rather has grown – albeit anemicly.
Why is this important?
The UK was seen as a source of concern for advanced economies during and after the pandemic. Stubbornly high inflation, low growth, labor shortages, and the fallout from Brexit have been spokes in the economy’s wheel. Although it now appears that the lower growth is higher than expected.In the news: Growth of 0.6 percent.
Office for National Statistics data published on Friday shows that UK GDP grew by 0.6 per cent at the end of 2021 compared to the last quarter of 2019. It was previously thought to have contracted by 1.2 per cent.
Economic reality
Based on new data, the UK has managed to catch up. The Brits are far from driving, but they are already in Peloton. Among the G7 countries
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