The British economy is growing more than expected thanks to the lifting of restrictions due to Covid-19. According to data released Thursday by the British Statistics Office (ONS), Gross domestic product registered Growth in the second quarter of 4.8%., close to the 5% pace he predicted Bank of England (BoE) last week. On a monthly basis, it increased by 1%.
strong recovery from The worst recession in three centuries The Office for National Statistics said it left the economy 2.2% smaller than it was before the coronavirus shutdowns. Statisticians confirm that health services and Hospitality return The main drivers of growth were in June. Education increased during the quarter after schools reopened.
The numbers show that our economy is improving Strong signs of recovery“They confirm from the Ministry of Finance.” I know there are still challenges to overcome, but I am confident in the strength of the British economy. “
Total exports of goods, excluding precious metals, fell 2.2% in June, driven by a 5.6% decrease in exports to countries outside the European Union, mainly due to the decline in medical, pharmaceutical and automotive products.
while the Variable delta spread The virus has cast doubt on when workers will return to offices, stores and restaurants opened during June and got another boost in late July, when most remaining restrictions were lifted.
Prime Minister’s decision Boris Johnson Removing these restrictions has left companies scrambling to get employees, which has increased wages along with the costs of goods and services. This has raised the Bank of England’s concern about rising inflation.
Officials confirmed last week that it was possibleThey are likely to tighten monetary policy in the next three yearsUndoing a decade-old stimulus program that helped the economy weather the financial crisis, Britain’s exit from the European Union and the Covid-19 virus. They estimated inflation could peak at 4% this year, twice the targets.
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