UK economy boosted to the highest since WWii

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A recent report of the UK Office for National Statistics (ONS) says that UK’s economy grew by 7.5 per cent (7.5%) last year 2021, before falling back in the edge of December due to the Omicron variant.

2021 record-breaking growth comes as the fastest annual growth rate since the second world war.

As per ONS, the output fell by just 0.2% in December 2021. On top of that, a record number of job vacancies decelerated the economy. These figures pop UK had gone through a fall in the GDP by 9.4 per cent in 2020. 

ONS agency economist “Darren Morgan,” has told CGTN, “Despite December’s setback, GDP grew robustly across the fourth quarter as a whole with the NHS (National Health Service), couriers and employment agencies all helping to support the economy.”

Rishi Sunak attributed the economy’s resilience to the Treasury’s £400 billion packages of support and “making the right calls at the right time.”

“I’m proud of the resolve the whole country has demonstrated and proud of our incredible vaccine programme, which has allowed the economy to stay open,” he has added. 

Earlier in January 2022, the ONS claimed that an increase in restaurant bookings and a quick turnaround in building output were also factors in the expansion, which lifted the economy’s size by 0.7% above its March 2020 level. 

City economists have predicted a 0.4% expansion and that November would be a spike of 2021. 

Health Sector growth

Image Credit: Al Jazeera

The ONS has pointed out another factor that contributed to GDP. Its continued expansion of health services as a proportion of economic activity. Quoting as services that never clear the sales of vaccines that many parties may interested to clarify.

As the official website of the UK Government, 2.5 billion doses of the at-cost and UK-made vaccine have been administered across the world. Price per jab was estimated at something between US$ 2.50 to US$ 4.00. If we consider the US$ 4 as the flat rate, there will be US$ 10 Billion as revenue. But the UK GDP of the year 2021 was whopping US$ 3.1 Trillion (3,100 Billion) and US$ 2.708 in 2020.

(With inputs from agencies)

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