UK Economy Bouncing Back

UK Economy Bouncing Back

UK Economy Bouncing Back As Job Opportunities Rise

The UK economy grew by 4.8% between April and June, according to official figures, as most businesses emerged from lockdown.

Data from the Office for National Statistics showed that the expansion in gross domestic product (GDP) was fuelled by retail, restaurants and hotels.

Education also boosted the economy as schools reopened in the second quarter.

However, the figure was slightly below the 5% the Bank of England expected.

The UK economy is now 4.4% smaller than it was before the pandemic.

Growth in the second quarter contrasts with the first three months of the year, when the economy shrank by 1.6% while Covid restrictions were still in place. Source BBC and ONS.

Advertised job vacancies also rose particularly in the building industry. However, unemployment could rise next month when the furlough job retention scheme ends.

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