UK GDP grows 7.25% in 2021

By TPN/Lusa, in World, UK · 06-05-2021 17:15:00 · 0 Comments

The Bank of England, on 6 May, forecast that the UK's Gross Domestic Product (GDP) will grow by 7.25 percent in 2021, up from the previously forecast 5 percent and the biggest advance since records began in 1949.

In a regular report, the body notes that the economic improvement is based on a revival in domestic demand as the constraints imposed by the pandemic are lifted, supported by the good pace of the national vaccination programme, which aims to offer a dose to all adults by July.

Nevertheless, developments in the UK economy remain "uncertain", partly due to external risks such as rising cases in India, so the bank has decided to keep interest rates unchanged at an historic low of 0.1 percent.

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