Business

The UK economy will grow 2.3% in April as Covid’s regulations are relaxed and pubs and shops reopen.

Official figures show that the UK economy grew at the fastest pace since July 2020 in April, but is still below pre-pandemic levels.

gross domestic product (GDP)-Economic scale scale-up 2.3%. This was partly due to a 3.4% recovery in the service sector as pubs and non-critical retailers welcomed customers.

Retail sales in April 2021 grew rapidly with a monthly increase of 9.2%. Clothing sales surged 69.4% due to increased sociability due to the relaxation of lockdowns.

Spending increased in bars, shops and restaurants, but production in the construction industry fell by 2%, the National Bureau of Statistics reported.

Caravan parks and holidays can grow by 68.6 percent as households take advantage of their ability to travel around the country again. Cosmetology and other personal services increased by 63.5%.

The services sector, which accounts for about four-fifths of the economy, is 4.1% below pre-pandemic levels, but the economy as a whole remains 3.7% smaller.

Experts predict that the data will continue to recover until May and June, but point out the challenges of the UK economy beyond the pandemic.

“The decline in construction and production, which was less affected by the 2021 blockade, should focus on the economic outlook for the second half of this year, after the temporary resumption effect no longer provides a strong monthly resumption. It will remind us that it will increase, “said Rory McQueen, chief economist at the National Institute of Economic and Social Research.

Prime Minister Rishi Sunak said the numbers were a “promising sign” that the economy was starting to recover.

“It’s clear that our employment plan is working, as more than a million people were laid off from March to April and the number of employees working increased.”

Boris Johnson will announce at the next stage of the reopening on Monday. Companies that are still undercapacity, such as wedding halls, or companies that cannot open at all, such as nightclubs, are told by the government not to postpone the June 21 date proposed to end all restrictions. I’m looking for.

Vaccine Minister Nadhim Zahawi emphasized the importance of “really careful” when asked about the possible delay in lifting coronavirus restrictions in the UK on June 21st.

“There were some really hard-earned battles against this virus. I don’t want to waste the hard-earned benefits of the vaccination program,” he told Times Radio Breakfast.

Travel restrictions are also controversial. Passengers at Heathrow Airport are 90% below pre-pandemic levels, according to data released Friday.

Heathrow Airport states that only 675,000 people passed through the airport in western London last month, compared to 6,769,000 in May 2019.

According to the latest official trade statistics, the UK imported more goods from outside the EU in April than at any time since 1997, but exports from the country declined.

Total exports, excluding precious metals, fell 0.6% in April after two months of growth.

The UK economy will grow 2.3% in April as Covid’s regulations are relaxed and pubs and shops reopen.

Source link The UK economy will grow 2.3% in April as Covid’s regulations are relaxed and pubs and shops reopen.

Related Articles

Back to top button