The Office for National Statistics (ONS) reported that the expansion was fueled by an increase in construction and a rebound in manufacturing.
After December’s Slump, the UK Economy Grows.
The British economy returned to growth in January, according to the most recent official data released today.
Following a 0.4% drop in December, the Office for National Statistics (ONS) reported that the economy expanded by 0.3% in January. According to the ONS, the expansion was driven by an increase in construction and a rebound in manufacturing.
Commenting on the data, Chancellor Rishi Sunak stated, “Today’s data demonstrates that the UK economy is moving in the right direction and that our plan to protect jobs and businesses is effective. We will continue to do everything possible to assist people and businesses during this difficult time.”
The news of economic expansion was welcomed by business leaders, who interpreted the figures as evidence that the United Kingdom had “recovered” from the December slump.
However, economists cautioned that the United Kingdom’s future remains uncertain, with many businesses struggling to survive in the wake of the coronavirus pandemic.
Despite the fact that output remains below pre-pandemic levels, the ONS reported that certain sectors, such as manufacturing, construction, and retail, are showing signs of recovery. In addition, the report noted that the GDP was 4.9% higher than it was in January 2020, before the pandemic struck.
Overall, the data indicate that the British economy is beginning to recover from the shock of the pandemic, and that further expansion is likely in the coming months. However, economists have urged caution, noting that Brexit and ongoing restrictions imposed to combat the spread of Covid-19 pose significant risks.
According to data released today by the Office of National Statistics, the British economy rebounded from its sharp decline in December with 0.3% growth in January. This was a result of increases in construction and manufacturing, with production of goods increasing 1.2%. The news was welcomed by business leaders as a sign that the UK was on the road to recovery, although economists cautioned that Brexit and Covid-19 restrictions still pose risks. Chancellor Rishi Sunak stated that the numbers demonstrated that the government’s plan to protect jobs and businesses was effective, and he pledged to continue doing everything he could to assist people and businesses during this challenging time.
