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GDP fell by 1.6% in December 2020-February 2021 compared to the previous three-month period (September-November), but grew by 0.4% in February compared to January. This followed a fall of 2.2% in January. February GDP was 7.8% below the pre-pandemic levels seen in February 2020.

The services sector grew by 0.4% in February, while production grew by 1.0% and construction by 1.6%. All sectors are below their pre-pandemic February 2020 levels, by 8.8% in services, 3.5% in production and 4.3% in construction.

In the latest calendar quarter (October-December 2020), GDP grew by 1.3% compared to the previous quarter.

In cash terms, GDP was £2,112 billion in 2020.

Forecasts

In their March 2021 Economic and fiscal outlook, the Office for Budget Responsibility’s (OBR) forecast was 4.0% in 2021 and 7.3% in 2022.

The Treasury’s April 2021 survey of independent forecasts showed an average forecast of 5.7% for 2021 and 5.6% for 2022.


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