The UK economy has learned to live with lockdowns, rebounding faster than previously thought, according to the latest GDP figures.
According to the Office of National Statistics, the economy rebounded 16.9% and 1.3% in the third and fourth quarters of 2020 respectively.
This marked big increases from previous estimates of 16.1% and 1%.
This follows the recent trend of economic statistics coming better than what experts had expected.
The UK economy suffered a more pronounced contraction during the first coronavirus lockdown, but rebounded more strongly than previously thought at the end of 2020.
GDP fell even more than the first forecast between April and June of last year – a drop of 19.5% from the original estimate of 19%.
Jonathan Athow, deputy national statistician at the ONS, said: “Our revised quarterly figures show that the economy contracted a little more than was previously estimated in the early stages of the pandemic, before recovering. slightly more strongly in the second half of last year. ”
The latest figures are a little boost for Chancellor Rishi Sunak.
Douglas Grant of Conister, part of the AIM-listed Manx Financial Group, said: “GDP numbers are starting to show stability and perhaps signs of a potential recovery as markets wait with it. impatient for the UK to regain its pre-COVID economic potential. ”