The Office for National Statistics (ONS) has admitted that economic data underestimated Britain's pandemic bounceback, with revised figures showing that the economy actually grew in the final three months of 2021 instead of shrinking as previously reported.
Experts Declare UK's Worst-Performing Status "No Longer Valid"
The correction from the ONS reveals that GDP increased by 0.6% in the last quarter of 2021, previously estimated to have contracted by 1.2%. This means that the economy grew by a total of 8.5% in 2021, surpassing the previous estimate of 7.6%.
The revised data demonstrates that the British economy not only returned to pre-Covid levels in 2021 but also outperformed Germany, France, Italy, and Japan as it emerged from lockdown. In fact, the UK was the third fastest-growing nation in the G7, following Canada and the USA.
Chancellor Jeremy Hunt: "Talk Down the British Economy Proven Wrong"
Chancellor Jeremy Hunt responded to the revised figures, stating, "The fact that the UK recovered from the pandemic much faster than thought shows that, once again, those determined to talk down the British economy have been proved wrong."
Economists, however, cautioned that the incorrect data may have negatively impacted the perception of UK assets.
Notably, the Labour Party, which has criticized the Tory government's handling of economic growth, did not provide a comment on the news.
The ONS attributed the misrepresentation to the volatility caused by the Covid pandemic, making it more challenging to provide accurate GDP estimates.
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