The UK economic system grew at a charge of 1.3 per cent in direction of the top of final yr, with GDP now slightly below pre-pandemic ranges.
The Workplace for Nationwide Statistics (ONS) stated this progress was larger than initially thought.
It had beforehand estimated GDP grew by 1.0 per cent within the remaining months of final yr.
On Thursday, it stated the determine was in reality 1.3 per cent for the fourth quarter of 2021, which runs between October and December.
Darren Morgan, the ONS director of financial statistics, stated: “GDP grew slightly stronger than we first thought within the fourth quarter, that means it’s now solely 0.1 per cent beneath its pre-pandemic degree.”
Revisions to GDP figures for the previous two years means the economic system elevated by 7.4 per cent in 2021. This was nonetheless a file rebound however decrease than the 7.5 per cent preliminary estimate.
The ONS stated this comes after it revised the record-breaking GDP drop on the top of the pandemic in 2020 to 9.3 per cent, in opposition to the 9.4 per cent first estimate.
However the latest financial progress comes amid a cost-of-living disaster, pushed largely by hovering family payments. These are set to rise even additional on Friday because of one other vitality value cap enhance.
Final week, the Workplace for Price range Accountability even warned the UK is about for the largest fall in residing requirements since file started. The official forecaster warned increased inflation would “erode actual incomes and consumptions” in a approach that may minimize GDP progress this yr.
On Thursday, the ONS stated revenue grew by 1.3 per cent in comparison with a 1.9 per cent rise in spending within the fourth quarter of final yr.
Mr Morgan, the physique’s director of financial statistics, stated: “Financial savings have been at their lowest degree for the reason that begin of the pandemic as family spending rose, primarily pushed by rising costs.”
Kaynak: briturkish.com
