Britain's economy grows despite COVID restrictions

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The United Kingdom's economy seems to have grown in February despite the COVID restrictions in place. 

According to the stats by the Office for National Statistics, the GDP has risen by 0.4% in the month of February. The GDP had dropped by 2.2 5 in the month of January.

Despite the increase, the British Economy continues to remain at 7.8% lesser than what it was in February last year.

UK exports of goods to the EU recovered after a record plunge during January in the first month since Brexit, rising by £3.7bn, or 46.6% on the month as businesses started to adapt to the new relationship and after a pause in deliveries a month earlier due to the Covid lockdown and fears over Brexit border disruption

Suren Thiru, the head of economics at the British Chambers of Commerce, said the increasing pace of vaccination and easing of the restriction would further increase the growth.

“However, the hope of a sustained consumer-led revival may prove too optimistic as the economic scarring caused by Covid may trigger a renewed reluctance to spend as government support winds down,” he added.

Publish : 2021-04-13 15:26:00

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