The UK economy grew faster than expected in the second quarter, proving a return growth was recorded as more coronavirus restrictions were lifted.
According to readings revised by the UK Office for National Statistics (ONS), the economy grew 5.5% in the April to June period compared to initial estimates recorded at 4.8%.
Among the key factors supporting this growth was the increase in household consumption with a 4% increase following the easing of coronavirus restrictions implemented.
Meanwhile, in terms of production, the largest contributors to this expansion were from wholesale and retail trade activities, accommodation and food services, education and health as well as social work activities.
On an annual basis, the economy reported growing 23.6%, also higher than the initial estimate of 22.2%. The current level of Gross Domestic Product (GDP) is 3.3% below pre-pandemic levels.
Even so, the initial reaction exhibited by the pound sterling is seen as less encouraging as the currency is still receiving pressure from the strong USD giant.
At the time of writing, the pound is trading around 1.34500 against the US dollar, the lowest level ever recorded since December 2020.
