New figures from the Office of National Statistics show the UK economy rebounded with growth of 7.5% last year despite falling back in December due to Omicron restrictions.

The Office of National Statistics show the UK having the fastest pace of growth since World War II and being the fastest growing economy in the G7.

The 7.5% growth the UK economy recorded in 2021 is the highest of the G7 major economies indicating a strong bounce back from the pandemic despite shrinking 0.2% in December as Omicron restrictions hit the hospitality and retail sectors.

Chancellor Rishi Sunak told the BBC this morning:

“Today’s figures show that despite Omicron the economy was remarkably resilient. We were the fastest growing economy in the G7 last year and are forecast to continue being the fastest growing economy this year.

“But I know that people are worried about rising prices, particularly energy bills… and that’s why last week we announced a significant package of support to help millions of families meet the cost of bills.”

However, it should be noted the UK is recovering from a lower base, having contracted 9.4% in 2020 due to the pandemic.

Even so, leading economists suggest the UK figures are “stronger than expected” and a “great boost in confidence to the UK economy.”

Economics Editor at the BBC, Faisal Islam says:

“Downing Street is unlikely to avoid the opportunity to boast about 2021. During its hosting of the G7, the UK is now confirmed as the fastest growing economy of these major nations.”

The UK’s 7.5% growth in GDP beats the US (5.7% growth), France (+7%), Germany (+2.7%), and Italy (+6.5%) as well as the EU (+5.2%), and is set to beat Canada and Japan who have yet to release their full GDP data.

Last year the UK’s growth was the strongest since ONS records began in 1948 and the fastest since 1941, during World War Two, using data collected by the Bank of England.

The slump of 9.4% in 2020 was the biggest drop since 1919 when there was demobilisation after World War One.

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