UK statistics office revises up strength of post-COVID bounce back

LONDON, Sept 1 - Britain's statistics office has sharply revised up its estimate for the size of the economy at the end of 2021, suggesting its recovery from the COVID-19 pandemic may have been much closer to that of other big countries than previously thought.

Annual growth for 2021 was revised up by 1.1 percentage points to 8.7%, while the slump caused by 2020's pandemic was revised down to 10.4% from 11%. In its last set of quarterly growth data, the ONS estimated that in the three months to the end of June 2023, Britain's economy was still 0.2% smaller than in the fourth quarter of 2019, the last full quarter before the start of the pandemic.

However, if the upward revision to the size of the economy carries across to the latest data, this would place Britain's recovery well ahead of Germany and just behind France and Italy.

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