UK economy grew by 2.3% in April as Covid-19 restrictions eased – business live

SourceThe Guardian
SectorEconomy
CountryMiddle east

Rolling coverage of the latest economic and financial news, as the UK records its fastest monthly growth since last July

UK economy grew 2.3% in April as economy unlockedFastest growth since last summer, driven by service sectorConstruction and industry contracted, thoughGDP still 3.7% smaller than February 2020Sunak: Promising sign that recovery is beginningIntroduction: UK GDP report for April

12.37pm BST

Here’s a handy thread on today’s trade figures and the impact of Brexit, from LSE associate professor of economics Thomas Sampson:

New ONS data shows Brexit continues to depress UK trade with EU

Total goods trade in first four months of 2021 compared to 2019
EU: -25%
Non-EU: -4%

Or comparing Apr-21 to Apr-19:
EU: -12%
Non-EU: +3% pic.twitter.com/X5iXbwtppE

Comparing changes in trade with EU vs non-EU gives a rough estimate of the Brexit effect controlling for common supply shocks such as Covid-19

By this metric, Brexit cut goods trade with EU by 21% so far in 2021 vs 2019

Or...read more...