(Office for National Statistics) UK’s national output is estimated to have declined by 1.6% in the first quarter, a higher revision from the prior projection of 1.5% contraction.
UK GDP level now stands at 8.8% below the pre-pandemic quarter of October-December 2019, a higher revision from the prior estimate of 8.7%.
Contractions were recorded in services and production output, although construction output grew during the quarter.
The largest contributors of GDP falls were education, wholesale and retail trade, as well as accommodation and food services due to the tightening of restrictions.
Government consumption rose but was pulled down by declines in household consumption, as well as import and export trade which were weighed down by Covid-19 restrictions.
The household savings ratio rose to the second-highest on record at 19.9%, more than 16.1% recorded in the last quarter of 2020.
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