The UK economy expanded faster than initially anticipated in the second quarter, following a stronger performance from the healthcare sector and the arts than initially anticipated.
Source: Office for National Statistics
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The UK gross domestic product rose by 5.5% in the second quarter, after being revised upwards from the initial estimate of a 4.8% increase.
The most significant contributor of the upward GDP revision was household spending that contributed four percentage points of the 5.5% increase as restrictions on outdoor dining eased in April.
ONS data signaled the economy is now 3.3% below its level in the fourth quarter of 2019 before the Covid-19 pandemic struck up from the previous estimate of 4.4% below.
Despite the upward revision, timely month data indicated that the recovery largely remained the same in July.
The latest data shows household spending rose 7.9% in Q2, while the savings ratio dropped to 11.7% from 18.4% in the first three months of 2021, which was the second-highest on record.