The British Economy Grew In The Third Quarter

The British Economy Grew In The Third Quarter

The recovery of the British economy in the third quarter after the slump caused by the first lockdown was slightly more pronounced than originally expected. Gross domestic product (GDP) rose a record 16 percent in the third quarter after falling 18.8 percent over the previous three months (April to June), according to the British Statistical Office. Statisticians thus revised their previous estimate, which expected an increase of only 15.5 percent. The budget deficit widened in November and was the third highest since data began in 1993. This shows the damage caused to the British economy by the pandemic. The general government deficit, excluding state-owned banks, widened by GBP 26 billion year on year to GBP 31.6 billion (EUR 34.49 billion) in November. These were the highest public sector loans in November. Tax revenues fell by GBP 3.2 billion to GBP 38.9 billion. From April to November, the first 8 months of the current fiscal year, net public sector loans jumped by GBP 188.6 billion to GBP 240.9 billion, the highest period since the data was collected.