UK economy posts record annual jump in April, up 27.6%

UK economic output in April was 27.6% higher than 12 months earlier, official data showed on Friday, a surge reflecting the recent reopening and the magnitude of everyday disruption at the start of the COVID pandemic.

The number was in line with the consensus of the economists polled by Reuters.

In April alone, production rose 2.3%, the fastest growth since July, said the Office for National Statistics (ONS), and compared to the consensus of the Reuters poll, an increase of 2.2%.

But UK economic output is still 3.7% lower than it was in February 2020 before the pandemic led to lockdown measures.

“Today’s numbers are a promising sign that our economy is starting to recover,” Finance Minister Rishi Sunak said in a statement.

Last month, the Bank of England raised its forecast for UK economic growth in 2021 to 7.25% from 5.0% in February.

That would be the fastest annual growth since 1941, when Britain rearmed during World War II. But after production slumped nearly 10%, it comes the biggest drop in more than 300 years.

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