Home / news / Record growth of the British economy at 16% in the third quarter

Record growth of the British economy at 16% in the third quarter

Official data showed that Britain’s economic recovery from the collapse caused by the Corona virus from July to September was somewhat faster than previously thought.

The data also reported that government borrowing had jumped for coronavirus-related spending.

GDP grew at a record rate of 16% compared to a previous reading of 15.5%, but that remains unable to offset the 18.8% decline in the period from April to last June when most sectors of the economy were at a standstill.

The Office for National Statistics also said Britain borrowed at an unprecedented rate of 241 billion pounds ($ 323 billion) in the first eight months of the fiscal year, an increase of nearly 190 billion pounds from the same period a year ago.

The office added that the public debt amounted to about 2.1 trillion pounds, which represents 99.5% of annual output, the highest debt-to-GDP ratio since 1962.




Source link

Leave a Reply