UK tops G20 economic growth rankings

The UK economy grew at the fastest rate among the group of rich and developing nations in the second quarter of this year, according to new figures released today.

The Organisation for Economic Co-operation and Development (OECD) said the British economy expanded 4.8 per cent between April and June this year, the fastest rate out of all G20 nations.

The UK economy grew faster than China (1.3 per cent) and the United States (1.6 per cent).

The UK had one of the world’s fastest vaccination rollouts in the world in the second quarter, allowing it to lift almost all Covid restrictions, which enabled pubs, bars and restaurants to resume near-normal trading.

The services industry represents around 80 per cent of the UK economy, meaning an uptick in spending on social activities as restrictions eased provided a relatively sharpest boost compared to other G20 nations.

However, growth slowed sharply at the beginning of the third quarter, according to the Office for National Statistics, as the initial bump from ending Covid measures eased off. 

The ONS estimates the British economy expanded just 0.1 per cent in July and is still 2.1 per cent smaller than its pre-Covid size.