On Friday afternoon, data from the UK's National Statistics Office showed that the UK's GDP grew by 7.5% in 2021, the largest increase since 1941, and made the UK the fastest growing developed economy last year.
It is worth mentioning that the UK's quarterly GDP has not yet returned to its pre-epidemic level. Data shows that the UK's fourth quarter GDP grew by 6.5% year-on-year, lower than the previous value.
In addition, due to the surge in Omickron infection cases, the UK fell 0.2% month-on-month in December, lower than expected.
Bloomberg said that the sharp increase in annual GDP is a great news for British Prime Minister Boris Johnson, who is dealing with a serious cost of living crisis and is also facing a crisis of stepping down due to violations during the lockdown.
In addition, given the pressure to curb inflation surge, the Bank of England may further raise rates in the next few months.
It is worth mentioning that the UK economy contracted by 9.4% in 2020, experiencing a more severe recession than other G7 countries. Since then, with billions of pounds of government assistance, jobs and businesses have been supported, and the UK has achieved a stronger recovery.
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