The United Kingdom recorded a record growth of 7.5% in 2021, the fastest among the Group of 7 (G7) countries, after a historic contraction of 9.4% a year earlier due to pandemic.
For the fourth quarter alone, gross domestic product (GDP) increased by 1% despite the arrival of the Omicron variant wave, after a corresponding increase in the third quarter – a percentage that was revised downwards – as announced today by its statistical service country (ONS).
For December alone, a month when the impact of the Omicron variant was felt, particularly affecting the trade and the hotel-catering industry in the midst of the Christmas holidays, GDP fell by 0.2%.
“The British economy has seen an anemic end to the year due to the Omicron variant and the restrictions introduced by the government to try to slow its spread,” said Ryan Newton-Smith, chief economist at the UK. “While the worst of the impact seems to have passed, companies are still facing supply shortages and cost pressures as households face a cost of living crisis,” he said.
For his part, Economy and Finance Minister Risi Sunak spoke of an “impressively resilient” economy with British growth being “the fastest of the G7 this year”.
For comparison, French GDP recovered 7% in 2021, that of the EU 5.2% and the US 5.7%.
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