UK GDP had experienced a period of recovery after having suffered the biggest drop on record in Q2 2020. After firing back up again in Q3 and to a slighter extent in Q4. For the start of the year though, revised Office for National Statistics revealed a 1.6 percent fall in Q1 2021 – revised down from 1.5 percent. As this infographic shows, things are heading in the right direction again as of Q2, with a rebooted accommodation sector fueling the resurgence.
According to the ONS: “UK gross domestic product is estimated to have increased by 4.8% in Q2, following the easing of coronavirus restrictions. Monthly estimates show that GDP increased across all three months at 2.2 percent in April, 0.6 percent in May and 1.0 percent in June.” There is still some way to go though, as the ONS also highlighted: “The level of GDP in the UK is now 4.4 percent below where it was prior to the coronavirus pandemic at the end of 2019.”
This chart shows the UK quarterly real GDP index from Q1 2008 to Q2 2021.
