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UK economy grew 7.5% in 2021, fastest since second world war – business live

Rolling coverage of the latest economic and financial news

  • Latest: UK economy grew 7.5% in 2021
  • Latest: UK economy shrank 0.2% in December
  • But economy still grew 1% in Q4
  • UK GDP report to show Omicron hit

The UK economy grew by 7.5% during 2021 as it recovered from the 2020 slump caused by the pandemic.

That’s the fastest growth since the second world war, led by a strong rebound last spring when lockdown restrictions were lifted, despite the disruption caused by Omicron in December.

In 2021 as a whole, GDP rose by an impressive 7.5%, but that needs to be put in context against the 9.4% fall in 2020.

It’s possible that GDP fell in January as that’s when Omicron caused the most people to stay off work and self-isolate. But equally, the timely indicators suggest that activity began to recover from the middle of the month.

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