LONDON (AP) — The British economy is no longer the worst performing Group of Seven economy after second quarter growth was revised higher to reflect a bigger than foreseen increase in consumer spending following the lifting of lockdown restrictions.
The Office for National Statistics said Thursday that the U.K.’s economic output increased by 5.5% in the April to June period from the previous quarter, up on the previous estimate of 4.8%. The agency said the economy also contracted by less than thought in the first quarter — 1.4% against 1.6%.
The changes mean that the British economy has gotten nearer to clawing back the 9.7% shrinkage it experienced last year after the coronavirus pandemic struck and prompted widespread curbs on everyday life. At the end of the second quarter, the economy was 3.3% smaller than it was at the end of 2019, the last full quarter before the pandemic had an impact.
Samuel Tombs, chief U.K. economist at…