16 August 2021
Provisional GDP data for Q2 2021 is now available from ONS. UK economic output was up 4.8% on the previous quarter, with major contributions from wholesale / retail and accommodation / foodservice.
These sectors performed strongly as special restriction to combat COVID-19 were rolled-back and private demand surged.
Quarter-on-quarter growth at this rate is impressive, by historical standards, although it is readily-explainable. It would be surprising if the economy did not grow strongly as business operations returned from near-shutdown to “normal”.
UK economic output remains 4.4% below the pre-COVID level and it is still not clear how much harm the virus has done to UK economic potential in the long term.
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