Skip to main content

UK economy grows faster than expected, ONS says

// UK economy grew faster than expected during second quarter
// UK gross domestic product increased by 5.5% during the period

New research has shown that the UK economy has grown faster than expected in the second quarter, thanks to a stronger performance from the healthcare sector.

UK gross domestic product increased by 5.5 per cent in the second quarter, after being revised up from the first estimate of a 4.8 per cent increase, according to the ONS.

This means the economy is now 3.3 per cent below its level in the fourth quarter of 2019, before the pandemic struck, up from the previous estimate of 4.4 per cent below.

READ MORE: UK economy grows 4.8% in second quarter post-lockdown

The latest data showed “health services and the arts performing better than initially thought”, ONS deputy national statistician for economic statistics, Jonathan Athow said.

The ONS also revised up the UK economic growth by 0.5 percentage points in the third quarter last year. The revised figures also show households have been saving less in recent years than previously thought.

A strong rise in household spending between April and June meant the household savings ratio decreased to 11.7 per cent, compared with 18.4 per cent in the first quarter — though this was still the second-highest level since records began in 1963, but lower than 20 per cent of initial estimates.

Click here to sign up to Retail Gazette‘s free daily email newsletter

The post UK economy grows faster than expected, ONS says appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/3AWz8aD
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

World's 1st Pizza Subscription Service Launches in Toronto

general assembly subscription user opening delivery box of pizza. photo: general assembly pizza By Mario Toneguzzi Toronto-based General Assembly Pizza has launched what it describes as the world’s first pizza subscription service as it also plans to aggressively expand its product offering in the near future by opening a new concept in the market. "Since opening our doors in 2017, we have pushed for the best guest-experience possible — that's why our dough is 100 percent naturally leavened, that's why we have a purpose-built 400-square-foot pick-up and delivery area, and that's why we’ve launched a direct-to-consumer subscription-based ecommerce platform,” said Founder & CEO Ali Khan Lalani. “In 2020, providing the best guest experience means General Assembly Pizza has to be more than a restaurant. I'm proud to say that after almost six months of planning, many roadblocks, and countless pivots — all while maintaining our day-to-day restaurant operatio...
2 comments
Read more