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rdf:type	schema:NewsArticle
schema:articleBody	Britain's economy staged a stronger-than-expected bounceback in the second half of 2020, official data showed Wednesday, indicating a nascent recovery from the damaging coronavirus crisis. Gross domestic product expanded by 16.9 percent in the third quarter as the economy temporarily reopened from lockdown, the Office for National Statistics (ONS) said in a statement. That marked an upgrade from the prior estimate of 16.1-percent growth. And the economy grew 1.3 percent in the fourth quarter despite renewed Covid restrictions, up on the earlier figure of 1.0 percent. "At one time there had been strong belief that the fourth quarter would see a renewed economic contraction," noted EY economist Howard Archer. "However, it is evident that lessons have been learned in keeping activity going amid Covid-19 restrictions." Activity did however plunge by a bigger-than-expected 19.5 percent in the second quarter as a result of Britain's initial lockdown. The earlier estimate was put at 19 percent. As a result of the revisions, the ONS added that the UK economy tanked 9.8 percent overall last year, which was a modest upgrade from 9.9 percent. However, that still represented Britain's biggest slump in three centuries -- and the worst performance among the G7 nations for last year. The economy is now 7.3 percent smaller than its pre-pandemic level, an upgrade from the previous estimate of 7.8 percent. Economist Ruth Gregory, at research consultancy Capital Economics, added that the second-half revisions mean that the economy "does not have quite as far to recover from the Covid-19 crisis". The Bank of England forecasts that UK economic growth will recover strongly this year towards its pre-Covid level as a result of the nation's rapid vaccination drive. Pantheon Macroeconomics analyst Samuel Tombs on Wednesday said this was the factor behind the UK likely recovering "at a faster rate than the eurozone this year". Britain has suffered one of the world's worst coronavirus outbreaks, with more than 127,000 deaths. rfj/bcp/rl
schema:headline	Virus-hit UK economy stages stronger recovery: data
schema:mentions	John Howard Eurozone Office for National Statistics Economist England national football team Group of Seven Gross domestic product Lockdown Coronavirus disease United Kingdom Vaccine Severe acute respiratory syndrome coronavirus 2 Coronavirus disease 2019 Ruth Gregory Jonathan Archer Ernst & Young Pantheon Macroeconomics Capital Economics
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2021-03-31 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	67 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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