Figure marks highest annual growth rate since 1941, UK becomes fastest growing advanced economy in 2021
The UK’s gross domestic product (GDP) increased at the fastest rate in 80 years, by an estimated 7.5% in 2021, according to the Office for National Statistics (ONS) on Friday.
While this marked the highest annual growth rate since 1941, it followed a 9.4% contraction recorded in 2020 due to the coronavirus pandemic.
The growth rate also made the UK the fastest growing advanced economy in 2021.
On a monthly level, although the GDP fell by 0.2% in December, it still managed to stay above its pre-coronavirus level recorded in February 2020.
ONS said the UK’s GDP is estimated to have increased by 1% in the fourth quarter of 2021.
