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Britain’s GDP rises 16% in Q3 after first lockdown slump

Britain’s GDP rises 16% in Q3 after first lockdown slump

Mubasher: The UK’s economic recovery from its coronavirus crash was somehow quicker than previously thought in the third quarter (Q3), CNBC said on Tuesday citing official data.

Gross domestic product (GDP) grew by a record 16% in Q3, revised up from a previous estimate of 15.5%, but that still did not make up for its 18.8% slump in the April-June period when much of the economy was shut down.

The Office for National Statistics (ONS) said Britain borrowed a record 241 billion pounds ($323 billion) in the first eight months of the financial year, an annual rise of 190 billion pounds.

The country’s budget forecasters think the deficit will reach around 400 billion pounds in the 2020/21 year, close to 20% of GDP or double the hit from the global financial crisis.

Public debt stood at almost 2.1 trillion pounds or 99.5% of annual economic output, the highest debt-to-GDP ratio since 1962, the ONS said.