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Business & Finance

UK economy rebounds in second quarter as lockdown eases

  • Gross domestic product had fallen 1.6 percent in the first three months of the year
12 Aug, 2021

LONDON: Britain's economy rebounded 4.8 percent in the second quarter as the government began relaxing lockdown restrictions, official data showed Thursday.

Gross domestic product had fallen 1.6 percent in the first three months of the year, the Office for National Statistics (ONS) added in a statement.

"Today's figures show that our economy is on the mend showing strong signs of recovery," finance minister Rishi Sunak said in a separate statement.

Total UK output however remains 4.4 percent lower compared with before the coronavirus pandemic, or final quarter of 2019.

UK lawmakers warn older EU citizens' post-Brexit rights at risk

The ONS, providing also its latest monthly data, said the UK economy grew 1.0 percent in June, before England lifted nearly all lockdown restrictions from July.

Markets are looking closely at both growth and inflation data as nations emerge from lockdowns following vaccine rollouts.

Analysts warn that strong price rises could force central banks to hike interest rates sooner than expected, hindering the recovery.

Pressure eased Wednesday however after official data showed US inflation had cooled slightly.

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