UK Q2 Growth Rate 4.8%... Increased Consumption Following COVID Lockdown Lift

[Asia Economy Reporter Kim Suhwan] The UK experienced nearly 5% growth in the second quarter as private consumption increased following the lifting of COVID-19 lockdowns.

The UK Office for National Statistics announced on the 12th (local time) that the Gross Domestic Product (GDP) for the second quarter of this year (April to June) increased by 4.8% compared to the previous quarter.

According to AFP, the UK economy showed growth in the second quarter due to continued large-scale government fiscal support and a 7.3% increase in private consumption.

Chancellor of the Exchequer Rishi Sunak stated in a press release, "This shows that our economy is improving as it strongly signals recovery."

However, the second quarter growth rate was lower than the Bank of England (BOE)'s forecast of 5.0%.

Earlier, the UK began gradually lifting COVID-19 lockdowns starting in March. In particular, from April 12, outdoor operations of shops and restaurants were permitted.

The growth rate for the first quarter, during which a full lockdown was in place due to COVID-19, was -1.6%.

This content was produced with the assistance of AI translation services.