The United Kingdom’s economic growth in the last quarter of 2021 was upgraded to 1.3%, reflecting changes across the services sector.
Source: Office for National Statistics
EWU is down 0.52%.
Fourth-quarter 2021 economic growth was revised higher to 1.3%, up from the first estimate of 1.0%. The changes indicate that the area’s gross domestic product is now 0.1% lower than levels seen before the COVID-19 pandemic.
The revision takes into account the changes in the services sector, with output revised upward to 1.5% from the earlier estimate of 1.2%. This was driven by growth in sub-industries such as human health and social work activities.
The changes brought the annual GDP to have grown by 7.4%, lower than the previous estimate of 7.5%. This follows a revised decline of 9.3% in the previous year, lower than the 9.4% drop earlier projected.
The latest annual growth was the fastest since the Second World War, according to estimates of the Bank of England.