Coronavirus restrictions saw the UK economy contract at the start of 2021 but the hit was smaller than first feared as growth rebounded in March, according to official figures.
The Office for National Statistics (ONS) revealed that gross domestic product (GDP) – a measure of the size of the economy – fell by 1.5% between January and March as lockdown took its toll.
A resilient performance in March helped soften the blow, with GDP rising by a better-than-expected 2.1% month on month – the fastest growth since August 2020 – despite restrictions remaining firmly in place.
The ONS said the reopening of schools in March and solid retail spending helped drive the recovery.
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Britain’s economy shrank 1.5 per cent in the first quarter of the year when England was plunged into its third lockdown, however a strong recovery in March helped to prevent a larger contraction.
UK gross domestic product grew 2.1 per cent in March – the fastest monthly growth since August last year – as the economy gained momentum when coronavirus restrictions started to ease with the reopening of schools.
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The surge in gross domestic product followed a 0.7 per cent increase in February, according to the Office for National Statistics.
Chancellor of the Exchequer Rishi Sunak said despite a difficult start to the year, economic growth in March is “a promising sign of things to come”.
Coronavirus restrictions saw the UK economy contract at the start of 2021 but the hit was smaller than first feared as growth rebounded in March, according to official figures.
The Office for National Statistics (ONS) revealed that gross domestic product (GDP) – a measure of the size of the economy – fell by 1.5% between January and March as lockdown took its toll.
A resilient performance in March helped soften the blow, with GDP rising by a better-than-expected 2.1% month on month – the fastest growth since August 2020 – despite restrictions remaining firmly in place.
The ONS said the reopening of schools in March and solid retail spending helped drive the recovery.
Coronavirus restrictions saw the UK economy contract at the start of 2021 but the hit was smaller than first feared as growth rebounded in March, according to official figures.
The Office for National Statistics (ONS) revealed that gross domestic product (GDP) – a measure of the size of the economy – fell by 1.5% between January and March as lockdown took its toll.
A resilient performance in March helped soften the blow, with GDP rising by a better-than-expected 2.1% month on month – the fastest growth since August 2020 – despite restrictions remaining firmly in place.
The ONS said the reopening of schools in March and solid retail spending helped drive the recovery.