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

SourceThe Guardian
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%

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 more...