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GDP grew by 2.9% in June-August 2021 compared to the previous three-month period (March-May), and grew by 0.4% in August 2021 compared to July. This followed a fall of 0.1% in July compared to June. August GDP remained 0.8% below pre-pandemic levels in February 2020.

The services sector grew by 0.3% in August, while production increased by 0.8% and construction fell by 0.2%. All are below pre-pandemic February 2020 levels, by 0.6% for services, 1.3% for production and 1.5% for construction.

In the latest calendar quarter (April-June 2021), GDP increased by 5.5% compared to the previous quarter. This was revised from the initial estimate of a 4.8% increase in the quarterly national accounts.

In cash terms, GDP was £2,156 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 October 2021 survey of independent forecasts showed an average forecast of 7.0% for 2021 and 5.0% for 2022.


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