UK economy grows at fastest rate in 80 years

By Ovunc Kutlu

ANKARA (AA) - The UK's gross domestic product (GDP) increased at the fastest rate in 80 years, by an estimated 7.5% in 2021, according to the Office for National Statistics (ONS) on Friday.

While this marked the highest annual growth rate since 1941, it followed a 9.4% contraction recorded in 2020 due to the coronavirus pandemic.

The growth rate also made the UK the fastest growing advanced economy in 2021.

On a monthly level, although the GDP fell by 0.2% in December, it still managed to stay above its pre-coronavirus level recorded in February 2020.

ONS said the UK's GDP is estimated to have increased by 1% in the fourth quarter of 2021.