Experts who forecast an economic catastrophe for the UK with Brexit are at their expense. According to the latest data, GDP grew by 0.4% in February (compared to January), while exports to the continent rose by 46.6%, a bureau report said on Tuesday. GDP finally fell 2.2% in January, down 2.9% from the previous estimate.
However, British GDP is 7.8% lower than it was in February 2020, before the outbreak. But the British economy began to improve, despite tight controls in the country since January, an ONS spokesman said. In February, GDP was mainly aided by industrial production, with some economists returning to normalcy after the Brexit crisis and with slight tremors in consumer spending.
These figures reopen the terraces of essential shops and bars or restaurants the day after a new phase of renovation in the UK. This gradual recovery gives hope for significant improvement in growth in the second quarter. The day before, several studies had revealed record levels from business leaders, who have excellent opportunities for investment and hiring.
The government has decided to extend its part-time unemployment program until September to support recovery and control social damage. “January was probably the lowest point of the year, with vaccines and the economy reopening, so activity is expected to recover quickly in the coming months,” said Thomas Buck, an economist at Capital Economy. He expects the economy to return to pre-health crisis levels by the beginning of 2022.
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