UK GDP was 1.2% higher in December 2020 as eased lockdown restrictions for the month helped to bring total growth for the fourth quarter of the year to 1% overall, according to the latest Office for National Statistics (ONS) data.
The Q4 rise added to the 16.1% growth seen in the third quarter, but December growth remained 6.3% below pre-lockdown February levels and growth in the final three months of the year was 6.6% lower than the same time in 2019. With headline GDP falling 9.9% overall for the year, portfolio managers have said the government's response will be "crucial", especially in the context of the March budget, with ministers urged not to "prematurely choke off the recovery". The fourth quarter saw output rises for all the main components of the economy, with services, production and construction gr...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
