UK GDP rose 2.3% in April with strong retail spending
The UK economy expanded at its fastest rate in April since the coronavirus opened last summer.
Data is expected to return to the last level of production seen before the pandemic is visible, leading to strong levels of retail spending while children are fully back in school. It is shown.
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UK GDP rose 2.3% in April, setting the country at a solid performance during the second quarter.
The value of the goods and services produced was 3.7% below the level since February 2020, before the pandemic, as it slightly surpassed economists’ forecasts. This is the smallest gap since the start of the economic crisis.
“Strong growth in retail spending, increased car and caravan purchases, schools are open for a month, and hospitality reopening all began in April,” said Jonathan Atow, associate statistician of economic statistics. It boosted the economy.”
Hinesh Patel, portfolio manager at Quilter Investors, commented on what data reveals about the UK economy path.
“This GDP reading covers April and doesn’t take into account all of the lockdown easing we’ve seen so far, so the government is happy in the direction the economy is heading. Consumers are clearly losing It’s making up for the time that has been done, and the government hopes that many people continue to spend their lockdown savings that they have been fortunate to accumulate,” Patel said.
“Real-time data such as restaurants and holiday bookings remained strong after the initial surge in April. There is clearly uncertainty about the final step to alleviate on time, with Sunak delayed. You wouldn’t want to last long. But given the depth of where we were last year, the economy is clearly back to health. The elimination of social distancing when the time comes is the economy Gives additional turbo charging to the
“But much of this optimism is sold quite a bit to the market, and the Bank of England will not be able to sit in their hands if the economic recovery is further strengthened. It is slightly exaggerated in our opinion. But while inflation concerns persist, Bailey and Co may need to act faster than they want.”
