Economic Buzz: UK GDP Grows 1.3% In Q4

31 Mar 2022 , 03:03 PM

UK gross domestic product grew 1.3 percent sequentially in the fourth quarter, instead of the initial estimate of 1.0 percent, reflecting the revisions across the service sector, data from the Office for National Statistics showed on Thursday. This was also faster than the 0.9 percent rise in the third quarter. The level of GDP was now 0.1 percent below where it was pre-coronavirus at the fourth quarter of 2019, revised from the previous estimate of 0.4 percent below, the ONS said. In 2021, the economy grew at the fastest pace since the Second World War. There was a rebound of 7.4 percent in the economy in 2021, following the 9.3 percent contraction in 2020, which reflected the initial impact of the coronavirus pandemic and public health restrictions. Services output advanced 1.5 percent in the fourth quarter, revised up from a first quarterly estimate of 1.2 percent.

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