The British economy showed a strong recovery last year after the slump in the first corona year 2020. According to the British statistics office, the economy grew by 7.5 percent last year.
A year earlier, it was a contraction of 9.4 percent due to the crisis. As a result, British growth was the strongest since World War II.
Despite the emergence of the omikron variant of the coronavirus, the British economy grew by 1 percent in the final quarter of last year. This virtually matched the growth rate of the third quarter. However, the corona vicissitudes often kept Britons at home in December. In that month, the gross domestic product fell by 0.2 percent.
The numbers will also bring relief to Prime Minister Boris Johnson, who is grappling with a crisis surrounding the ever-rising cost of living. In addition, the prime minister is under fire for allegedly violating corona rules when the country was locked. The growth figures may also prompt the Bank of England to raise interest rates even faster to curb inflation.
The British economy benefited from the billions in government aid pumped into the economy during times of crisis. As a result, the British economy is expected to outperform that of other major countries again this year. But at the production level, the country has not yet fully recovered from the crisis. This is already the case in other countries such as France and the United States.
British businesses were affected by widespread absenteeism in the final weeks of 2021. That, in turn, was related to the virus and ongoing supply chain disruptions. With the corona restrictions in place into the new year, January is also expected to be weaker. However, further recovery is expected in the course of the year, with the British economy returning to pre-crisis levels.