US Economy, Q4 GDP Up 6.6%... Recovery to Pre-COVID Levels
[Asia Economy Reporter Kim Min-young] The United Kingdom's economic growth rate has recovered to the level before the COVID-19 pandemic.
The UK Office for National Statistics (ONS) announced on the 31st that the confirmed GDP growth rate for the UK in the fourth quarter (October to December) increased by 6.6% compared to the same month of the previous year. This was revised upward from the expected 6.5%.
The confirmed GDP growth rate for the UK's fourth quarter increased by 1.3% compared to the previous quarter. This was also revised upward from the forecast of 1.0%.
The UK's total GDP growth rate for last year was revised from the previous 7.5% to 7.4%. In 2020, the UK's GDP growth rate had decreased by 9.3% compared to the previous year.
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Meanwhile, the UK's current account balance for the fourth quarter was recorded at 7.3 billion pounds. This was significantly reduced compared to the expected deficit of 19.1 billion pounds. The third quarter current account balance was revised from the previous 24.4 billion pounds deficit to a 28.9 billion pounds deficit.
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