The relaxation of COVID restrictions resulted in a 4.8 percent increase in the US economy!
Following the loosening of Covid 19 limitations, the UK economy appears to be on the upswing. According to data from the Office for National Statistics, retail, restaurants, and hotels all contributed to the increase in GDP.
As schools resumed in the second quarter, education bolstered the economy as well.
According to official estimates, the UK economy grew by 4.8 percent between April and June, as most businesses resumed operations.
The economy of the United Kingdom is now 4.4 percent smaller than it was before the pandemic.
“Today’s figures show that our economy is on the mend, showing strong signs of recovery,” said Chancellor Rishi Sunak.
I know there are still challenges to overcome, but I feel confident in the strength of the UK economy and the resilience of the British people.”
Monthly growth is expected to be 1% at the end of the quarter in June, which is slightly higher than most economists predicted.
The ONS, on the other hand, revised its May figure down from 0.8 percent to 0.6 percent.
According to an economic analyst, “4.4 percent UK GDP growth in Q2 2021 is exceptionally strong growth from a historical perspective.” However, in the aftereffects of the unparalleled Covid downfall, the activity levels are crucial rather than the rates of change.
People who have been fully vaccinated do not need to be quarantined or take a day 8 test when returning from countries on the Amber List, according to the UK’s new Covid 19 restrictions policies. The UK government imposed different COVID rules for different sectors, but they recently stated that the government is no longer encouraging workers to work from home whether they can, so employers can begin to plan a going back to work.
Source: BBC News