The British economy expanded 5.5% between April and June on a quarterly basis, as household spending increased amid the easing of coronavirus restrictions, according to official data.
The Office for National Statistics revised up a previous growth estimate of 4.8% for the second quarter compared to the first three months of the year.
Growth left GDP 3.3% below its pre-pandemic level, after its 19.8% drop when the shutdown occurred in March 2020.
Household spending contributed four percentage points to the 5.5% jump compared to consumption levels between January and March. Wholesale and retail trade, accommodation and hospitality also drove growth, as did spending on education, health and social work.
The jump in household spending was an early sign that the British unleashed their accumulated lock-in savings, with the household saving rate falling from 18.4 percent in the first quarter to 11.7 percent in the first quarter. second.
5 things to start the day
1) Supply chain crisis derails recovery, warns Andrew Bailey Stagflation fears push the pound to $ 1.3430, and the pound runs the risk of “losing credibility,” economists warn.
2) Fuel diverted from commercial fleets to gas stations to alleviate the oil crisis Fuel is being diverted from large companies to garages in a way that threatens to disrupt online deliveries. The Telegraph has learned.
3) Boss who doubled the cost of National Lottery tickets gets £ 1.8 million bonus Andy Duncan is entitled to payment under the terms of a severance agreement when he resigned four years ago.
4) French take aim at Jersey as City saber rattling falls flat Paris has failed in its attempts to undermine the City of London’s position in the post-Brexit European financial system.
5) Jim Ratcliffe Ineos tells Land Rover to end legal battle over ‘new Defender’ Billionaire’s new £ 1bn Grenadier 4×4 faces a ‘sideshow’ of ranks of trademarks as the industry grapples with broader problems, his company says.
What happened overnight
Asian markets rose mainly on Thursday after the previous day’s pullback, although investors remain concerned that rising inflation will lead to interest rate hikes, while the debt clash in Washington and the prospect of a historic default Americans were also getting on edge.
The Dow and S&P 500 provided a positive lead, although the unconvincing end of the trading day on Wall Street indicated lingering uncertainty on the trading floors.
While expected for most of the year, the prospect that the Federal Reserve and other large central banks will soon begin to scrap the ultra-flexible monetary policies they put in place at the start of the pandemic has dampened sentiment in recent weeks.
In early Asian trade, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei, Manila and Jakarta all rose, but Hong Kong fell after a three-day gain and Tokyo retreated after a recent rebound to three-decade highs.
Going up today
Corporate: Renishaw (Results for the whole year)
Economic Sciences: GDP (UK US); Manufacturing and Services PMI (Porcelain); consumer’s price index (I); unemployment rate (US, US)