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Old 02-09-2023, 12:24   #1
Chris
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Covid economy didn’t shrink as much and recovered quicker

Worth a mention, seeing as at the time, it was so gleefully tossed about as evidence of how truly awful a place the UK is.

https://www.bbc.co.uk/news/business-66680188

Quote:
The UK economy made a stronger recovery during Covid at the end of 2021 than previously estimated, according to sharply revised official figures.
Data has now revealed that the economy was 0.6% bigger in the final three months of 2021 compared to pre-pandemic levels.
The previous figures said that the UK economy was 1.2% smaller.

The revised figures also show the pandemic lockdown collapse in the economy was smaller than thought in 2020, with output declining by 10.4% rather than 11%.
The recovery in 2021 was also faster with growth of 8.7% rather than 7.6%.

However, the upward revision could now mean that the UK economy is performing much better than Germany and is only just behind France and Italy when the ONS releases its latest figures.
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