Rolling coverage of the latest economic and financial news
The UK has avoided a double-dip recession.
GDP expanded by 1% in the final three months of 2020, the ONS reports — better than the 0.5% growth which economists expected.
UK gdp up 1% in fourth quarter of 2020 – so no immediate chance of the dreaded double dip recession @BBCr4today #r4today
The GDP data is out…. and it shows that the UK economy grew by 1.2% in December.
That’s a little stronger than forecast, showing that activity picked up after the second national lockdown, in November, ended.
GDP increased by 1.2% in December 2020 as restrictions were eased early in the month in many parts of the UK.
The largest contributor to this increase was accommodation and food service activities and other services, as the easing of restrictions across many parts of the UK in early December boosted demand for these consumer facing services. Health also contributed positively to growth in December 2020, as a result of increased activity, mainly due to the coronavirus testing and tracing schemes across the UK.
