According to the report from Office for National Statistics, UK gross domestic product (GDP) is estimated to have grown by 2.1% in March 2021, the fastest monthly growth since August 2020, as schools in some parts of the UK reopened throughout the month. Economists had expected a 1.3% increase.
The service sector grew by 1.9% in March 2021, with schools re-opening across England and Wales and retail trade sales continuing to show strength.
Output in the production sector grew by 1.8% in March 2021, as manufacturing grew for a second consecutive month, at 2.1%.
The construction sector grew by 5.8% in March 2021, driven by growth in both new work and repair and maintenance. The growth in construction (and indeed manufacturing) reflect businesses continuing to adapt, including development of COVID-19 secure environments to operate in.
March’s GDP is 5.9% below the levels seen in February 2020, and 1.1% below the initial recovery peak in October 2020.
Latest estimates also show only small revisions to GDP in January (now negative 2.5%, from negative 2.2%) and February (now growth of 0.7%, from 0.4%).
© 2000-2021. All rights reserved.
This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at email@example.com.