The UK economy experienced the fastest growth since World War II in 2021.
According to data from the UK Statistics Office, the economy grew by 7.5 percent in 2021. Thus, while the highest growth has been recorded since 1941, the UK became the fastest-growing developed country in 2021.
The economy contracted by 9.4 percent in 2020 due to the pandemic and then started to recover with the impact of the government’s employment and support packages for companies.
The country’s economy is expected to outperform other G7 countries this year as well.
Growth contracted 0.2 percent in December due to the Omicron variant. The service sector shrank by 0.5 percent in this period, as the government implemented restrictions due to increasing cases.
It is stated that the growth may be weak in January as the restrictions continue in the new year.
After the data was announced today, it is stated that the Bank of England will continue to increase interest rates in the coming months to reduce inflation.
