The British economy grew by 7.5% in 2021, a record since the second world war

British economy grew by 7.5% in 2021

The UK economy grew by 7.5% during 2021 as it recovered from the slump in 2020 caused by the pandemic. This is the fastest growth since the second world war, led by a strong rebound last spring when lockdown restrictions were lifted, despite the disruption caused by Omicron in December, the Office for National Statistics (ONS) has reported.

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However, it follows a 9.4% drop in GDP in 2020, when Covid-19 sent the economy into a sharp decline.

However, as a result of the impact of the omicron variant, in December the second largest European economy registered a contraction of 0.2% compared to the previous month, when it had grown by 0.7%, two tenths less than estimated previously.

The 7.5% increase in GDP during 2021 is the fastest growth recorded among the G7 countries. It outperforms the US (5.7% growth), France (+7%), Germany (+2.7%) and Italy (+6.5%), as well as the EU (+5.2%), and will likely overtake Canada and Japan, which have yet to release 2021 GDP.