The UK recovered from the pandemic faster than expected

According to the revised data from the National Statistical Service of Great Britain, the country's economy has shown a more confident recovery after the COVID-19 pandemic than previously estimated.

Updated data show that in the fourth quarter of 2023, the country's GDP exceeded the pre-crisis level by 2.2%, while the previous estimate was only 1.9%. It also turned out that the economic decline in 2020 turned out to be less serious – 10% instead of 10.3%.

In addition, government spending in the first year of the pandemic turned out to be higher than initial estimates, which improved the overall dynamics and helped smooth out the effects of the crisis.