Categories: Economy

UK economy expands 7.5% in 2021 after a 9.4% contraction in 2020

<p>
<strong>The UK economy expanded 7.5 per cent in 2021 after contracting 9.4 per cent in 2020. This is the fastest expansion for the UK since World War II. Though with this growth rate, the UK is now the world’s fastest growing advanced economy, challenges remain.</strong></p>
<p>
The economy’s size in actual terms is still smaller than what it was at the end of 2019, before the outbreak of the pandemic.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/world-news/uk-queen-s-son-prince-andrew-stripped-of-royal-titles-as-he-faces-sexual-assault-case-in-us-court-142704.html">UK Queen’s son Prince Andrew stripped of royal titles as he faces sexual assault case in US court</a></strong></p>
<p>
<a href="https://www.theguardian.com/business/2022/feb/11/lies-damn-lies-why-last-years-uk-economic-growth-cant-be-seen-in-isolation">The Guardian</a> said that activity in the final three months of 2021 was 0.4 per cent lower than in the final three months of 2019 – the period immediately before the pandemic struck.</p>
<p>
Data portal Trading Economics indicated that household consumption increased 1.2 per cent, government spending 1.9 per cent, gross fixed capital formation 2.2 per cent and exports jumped 4.9 per cent. Imports dropped 1.5 per cent.</p>
<p>
The newspaper said that statistically, 2022 was expected to be another strong year. “Again, it would be wise not to get too carried away because most forecasters expect the economy to slow markedly in the second half of the year as higher taxes, rising energy bills, increased borrowing costs and a squeeze on incomes combine to hit spending power,” it added.</p>

IN Bureau

Recent Posts

Op Sindoor strikes kill Jaish Chief Masood Azhar’s brother-in-law, the man behind IC-814 hijacking

Indian Armed Forces launched a strike on May 7, targeting nine terror infrastructure sites in…

31 minutes ago

PM Modi chairs high-level meeting with Defence Minister Rajnath Singh, CDS and armed forces chiefs

Prime Minister Narendra Modi chaired a meeting with Union Defence Minister Rajnath Singh, National Security…

39 minutes ago

Pakistan’s actions being seen as escalatory, provocative in nature, says Foreign Secretary Misri

Foreign Secretary Vikram Misri emphasised that the actions being undertaken by Pakistan against India are…

49 minutes ago

Fragments of projectile retrieved from Rajasthan’s Jaisalmer

As Pakistan continued its aggression targeting even civilian infrastructure, fragments of a projectile were retrieved…

55 minutes ago

India exposes Pak propaganda war, debunks claims of damage to defence systems, air bases

India on Saturday categorically rejected Pakistan's malicious misinformation campaign, which falsely claimed the destruction of…

1 hour ago

US Secretary of State speaks with EAM Jaishankar, proposes US support for “productive discussions” with Pakistan

US Secretary of State Marco Rubio spoke with External Affairs Minister Dr S Jaishankar on…

3 hours ago