The UK economy is showing faster -than -expected growth in the last three months of 2020, according to official data released on Wednesday.
Data updated by the Office for National Statistics (ONS) reported the final reading of UK Gross Domestic Product (GDP) data rose 1.3% in the fourth quarter of last year, a recovery higher than the 1% first estimated previously.
Despite recording growth for two consecutive quarters, the level of GDP in the UK is now 7.3% below the level of the fourth quarter of 2019 from 7.8% revised from the previous estimate.
In 2020 as a whole, GDP will decline by 9.8% which is better than the initial estimate of a decline of 9.9%, but still the worst year the UK economy has ever recorded.
The pound rose slightly following the release of this encouraging data by trading around 1.37500, as well as supported by the depreciation of the greenback dollar at the beginning of the European session.
