Brexit triumph: Chart shows UK GDP growth forecast to beat Germany and USA by 2023

Asia's Tech News Daily

GDP – the total market value of all goods and services produced within a country in a year – is used to gauge the economic strength of a country. In 2021, the UK’s GDP grew more than expected, despite low projections due to the coronavirus pandemic and Brexit knock-on effects, and this positive upward trend is forecast to continue.

A study, published by Statista, forecasts British GDP to grow by 1.65 percent in 2023.

The US is forecast for 1.39 percent growth for the same period, followed by Germany on 1.21 percent.

The chart shows the UK behind the collections Western European nations, on 1.74 percent, but remains leagues ahead as a standalone economy.

Forecasts such as this rely on a number of factors, including past performance, global trends and inflation – and they aren’t always correct.

Brexit triumph: Chart shows UK GDP growth forecast to beat Germany and USA by 2023
© GETTY/Statista UK GDP forecast
Brexit triumph: Chart shows UK GDP growth forecast to beat Germany and USA by 2023
© STATISTA/Express UK GDP forecast

For example, the UK proved in the second quarter of 2021 that GDP estimates can sometimes be too conservative.

In Q2 of 2021, UK GDP grew by 5.5 percent, the Office For National Statistics (ONS) said – when economists had forecast 4.8 percent as lockdown eased.

The same quarter saw the Eurozone GDP increase by 2.2 percent, compared to the United States’ 1.6 percent growth.

The ONS said the data had been adjusted to take account of more complete data from the health sector as well as an update of its sources and methodology for calculating output.

Brexit triumph: Chart shows UK GDP growth forecast to beat Germany and USA by 2023
© STATISTA UK GDP forecast

The revision means Britain was no longer the worst-performing economy among Group of Seven developed countries, when comparing GDP in the summer of 2021 with its level at the end of 2019.

The UK is now tied with Germany and above Italy for Q2.

The figures serve to provide a more complete picture of Britain’s swift economic bounce-back from its coronavirus lockdown earlier this year.

However, there are now signs of a loss of momentum, and while the 2023 forecast looks to keep the UK level with global competitors, it is still a notable reduction.


LinkEU leaders warned to learn lesson of Brexit or face Polexit [LATEST]

Britain sets sights on mega New Zealand-Canada-Australia trade area [INSIGHT]LinkJohn Cleese hilariously mocks Remainers on Twitter [HUMOUR]Link

Ruth Gregory, an economist at Capital Economics, said: “While the upward revisions to GDP are clearly welcome, Q2 was three months ago, and the recovery appears to have stagnated since.

“Even so, given that there is now thought to be less spare capacity in the economy that will only encourage the Bank of England to hike rates in the not too distant future.”

Last month, Bank of England (BoE) Governor Andrew Bailey said he thought the economy would regain its pre-pandemic level of output in early 2022 – a month or two later than the BoE had forecast in August.

Despite the slowdown, the British central bank has signalled that it is moving towards a first interest rate hike since the pandemic as warned inflation could reach five percent.

Brexit triumph: Chart shows UK GDP growth forecast to beat Germany and USA by 2023
© House of Commons Library UK GDP forecast

Last week, the PMI index rose to a three-month high of 56.8 in October, up from 54.9 the previous month.

The increase was driven by the services sector, which accounts for about 80 percent of the economy, with a corresponding index rising to a three-month high of 58.

The reading, based on interviews carried out between October 12 and 22, surpassed the 54 forecast by economists polled by Reuters.

The index, published by the research group IHS Markit and the Chartered Institute of Procurement and Supply, provides a measure of the health of the services and manufacturing sectors.

Chris Williamson, chief business economist at IHS Markit said the UK economy had “picked up speed again”.

But he added: “The record readings . . . will inevitably pour further fuel on these inflation worries and add to the case for higher interest rates.”

Internet Explorer Channel Network
Asia's Tech News Daily
News Related


Cuomo's CNN firing due to 'ego, hubris, and a complete lack of a moral compass': Concha

Fox News contributor Joe Concha blasted Chris Cuomo on ‘Fox & Friends Weekend’ after being terminated from CNN for reportedly helping his brother amid sexual assault allegations. Read more »

Man shot in parked vehicle in Pittsburgh drives self to hospital

Dec. 5—A man drove himself to the hospital early Sunday after being shot while sitting in a parked vehicle on West Liberty Avenue, according to Pittsburgh Police. The shooting was ... Read more »

Aston Villa player ratings vs Leicester City - Watkins and McGinn sensational as Konsa scores two

Aston Villa got back to winning ways at Villa Park this evening with a 2-1 win over Leicester City, as Ezri Konsa’s double handed Steven Gerrard his third win as ... Read more »

GVB handed big boost as Rangers update emerges on “highly respected” £5.4m-rated beast - opinion

© Provided by Football FanCast barisic Giovanni van Bronckhorst managed to secure his third league win in a row as Rangers manager with the Ibrox side securing a recent 3-0 ... Read more »

S'mores – Chocolate, candied pecan nut and cinnamon delight

© Provided by The South African Ever had some indulgent s’mores? If not, we have just the recipe for you. And even if you had it before, this is a ... Read more »

Ralf Rangnick hails ‘amazing' Man United performance as new era begins with a win

Interim Manchester United manager Ralf Rangnick claimed his players exceeded his expectations following their win over Crystal Palace on Sunday. © Getty Images RalfRangnick0512A The German was overseeing his first ... Read more »

FIFA 22 Team of the Group Stage Mini-Release Adds Four Items

FIFA 22 Team of the Group Stage mini-release went live Dec. 5 adding four new players to the promotional team in packs. Team of the Group Stage celebrates the best ... Read more »

Liverpool fans are all saying the same thing about Steven Gerrard & Aston Villa

Aston Villa look a team rejuvenated under Steven Gerrard with three wins from four matches since he joined from Rangers in November. Villa ‘s 2-1 defeat of Leicester City on ... Read more »

How to beat Zenos in Final Fantasy XIV

© Provided by GamePur Zenos is the final battle of Endwalker. An opponent who has been pursuing you since Stormblood, you finally get the chance to take care of him ... Read more »

James Argent looks happy and healthy as he flaunts 11 stone weight loss on 34th birthday

James ‘Arg’ Argent cut a trim figure as he stepped out over the weekend. Earlier this year, the reality star bravely decided to undergo gastric band surgery after doctors warned ... Read more »

Aston Villa outclass Leicester as Steven Gerrard outwits his former coach Brendan Rodgers

The good news for Leicester City is that a controversial moment in the game helped mask the extent of their defensive deficiencies. The bad news is Aston Villa still pierced ... Read more »

Gary Callander dead: Former Scotland rugby captain passes away aged 62

Former Scotland rugby captain Gary Callander has died at the age of 62, after a short battle with cancer. His hometown club Kelso, south-east of Edinburgh and close to the ... Read more »

TFT Set 6 Hextech trait Augments slated for huge buff in Patch 11.24

© Provided by Dot Esports Riot Games game designer Kent “Riot Kent” Wu and game design director Stephen “Mortdog” Mortimer revealed an enormous number of Teamfight Tactics Hextech trait Augment ... Read more »

Lukas Nmecha FIFA 22: How to Complete the TOTGS SBC

Lukas Nmecha FIFA 22 Team of the Group Stage SBC went live on Dec. 5 celebrating the striker’s performances for Wolfsburg so far this UEFA campaign. Team of the Group ... Read more »

Die ÖVP will «geordnete Verhältnisse»

In Österreich kursiert gerade der Witz: Nur noch drei Kanzler, dann ist Weihnachten. Wie die Regierung nach dem Rückzug von Sebastian Kurz endlich wieder zur Ruhe kommen will. © Foto: ... Read more »

Hospital wards are filled with CHILDREN sick with Covid in South Africa as ‘super mutant' Omicron surges, says doctor

HOSPITAL wards in South Africa are filling up with sick kids that have Covid as the “super mutant” Omicron strain continues to sweep through the country. A South African doctor ... Read more »

Uganda launches road-building in Congo to boost trade

© Reuters/JAMES AKENA General view of Bwera town near the border with the Democratic Republic of Congo in Bwera By Elias Biryabarema KAMPALA (Reuters) – Uganda said on Sunday it ... Read more »

Far-right French presidential hopeful promises 'reconquest' at rally

© Reuters/CHRISTIAN HARTMANN French far-right presidential candidate Zemmour attends a campaign rally in Villepinte By Antony Paone and Leigh Thomas VILLEPINTE, France (Reuters) – French far-right presidential candidate Eric Zemmour ... Read more »

Strictly Come Dancing 2021: quarter-final results – live

© Photograph: Guy Levy/BBC Rhys and Nancy on Strictly LIVE – Updated at 18:47 As we reach week 11, John and Johannes, AJ and Kai, Dan and Nadiya, Rose and ... Read more »

KGF 2 actor Yash and Radhika Pandit's daughter Ayra has a grand birthday bash; Check PICS

© Provided by Pinkvilla KGF fame Yash and his wife Radhika Pandit’s three-year-old daughter, Arya, turned three on December 2. The couple threw a spectacular birthday bash in Bengaluru at ... Read more »

Video: Firebrand French Presidential challenger Eric Zemmour is ATTACKED and put in a headlock during his first campaign appearance 

Read more »

Grey's Anatomy and Seinfeld actor Lou Cutell dead at 91

Seinfeld and Grey’s Anatomy actor Lou Cutell has passed away at the age of 91, his close friend has said. The star, who is known for roles such as the ... Read more »

Red Riding Hood review – my, what weak jokes you have, grandma!

© Provided by The Guardian Photograph: Tristram Kenton/The Guardian Red wears a magic hoodie in this pantomime, and sets off into the woods to deliver essential goods to her dame ... Read more »

"Long-term interest from West Ham": Journalist drops big transfer claim involving Belgium star

Journalist Pete O’Rourke has said that Divock Origi has been a long-term target for West Ham but doubts whether Liverpool would let him go in January. © GiveMeSport p1fltuupgbrlqn00b0u1d7ovqqb.jpg With ... Read more »

Dominic Raab Criticised For Suggesting Police Don't Investigate The Past

(Photo: Hollie Adams via Getty Images) Dominic Raab has been criticised by Labour after he suggested it would be unusual for the police to investigate crimes that happened last year. ... Read more »

Chesterfield mock Paul Scholes with toe-biting celebration after scoring vs Salford

Non-league Chesterfield took the lead in stunning fashion in their FA Cup second round clash with Salford City. Liam Mandeville’s long range strike put the National League side well on ... Read more »

Daniil Medvedev recovers from strange match to win Davis Cup for Russia with Andrey Rublev

The Russian Tennis Federation has won the 2021 Davis Cup Finals after world No 2 Daniil Medvedev clinched the second and final point for his country in Sunday’s final. He ... Read more »

Journalist would be "very surprised" if Everton landed 111-cap ace Conte called "extraordinary"

Journalist Paul Brown would be “very surprised” if Inter Milan winger Ivan Perisic ended up joining Everton. © GiveMeSport Everton manager Rafael Benitez The 32-year-old, whose contract expires next summer, ... Read more »

Nine impressive stats from Ralf Rangnick's first win as Man Utd boss

The Ralf Rangnick era at Manchester United has got off to a winning start following their 1-0 victory over Crystal Palace. © PA Images Manchester United manager Ralf Rangnick United ... Read more »

'Stinker', 'Woeful' - Many Aston Villa fans slam 'awful' man who lost the ball 22x vs Leicester

Many Aston Villa fans have been left slamming the display of Douglas Luiz despite their 2-1 win at home to Leicester City in the Premier League. © Provided by Transfer ... Read more »

Luka Doncic responds to Jason Kidd's comment about complaining

The Dallas Mavericks are off to a fairly mediocre start in 2021. A little more than a quarter of the way into the new season, they sit at 11-11 – ... Read more »

Gambia: President Barrow set for resounding victory — early results

© Provided by Gambian president Adama Barrow looks set for a landslide win at the country’s elections Gambian President Adama Barrow on Sunday looked set for an emphatic win ... Read more »

Moscow claims US spy plane nearly caused mid-air 'catastrophe'

© Provided by Russia claims an Aeroflot aircraft and another plane from Malta had to rapidly change course Moscow has accused the United States of putting civilian lives at ... Read more »

Ryan Tannehill enjoys Titans' bye week in ‘paradise' with wife Lauren

“Paradise” appears to have been found for Ryan Tannehill and his wife, Lauren. Over the weekend, the wife of the Titans quarterback, 33, shared a cozy snap of the couple ... Read more »

Soccer-Klopp salutes 'incredible' Origi after late winner

Premier League – Wolverhampton Wanderers v Liverpool WOLVERHAMPTON, England (Reuters) – Liverpool manager Juergen Klopp hailed Divock Origi as an “incredible finisher” after the forward came off the bench to ... Read more »

'Insecure' and the defiant come-up of Issa Rae

© Provided by Independent Online (IOL) By Bethonie Butler There’s a moment in the season five premiere of Insecure when Issa (series creator Issa Rae) talks to her younger self ... Read more »

Bollywood: Sari-clad Katrina Kaif reaches Vicky Kaushal's home amid wedding speculation

© Provided by Khaleej Times ANI Bollywood actor Katrina Kaif, who is speculated to marry Vicky Kaushal in the forthcoming week, on Sunday was spotted outside the latter’s residence along ... Read more »

Banksy offers to raise £10m to buy Reading prison for art centre

Banksy has offered to raise millions of pounds towards buying Reading prison, where Oscar Wilde was once held, so that it can be turned into an arts centre. © Provided ... Read more »

Four people arrested after man found 'fatally injured' in Kent

© Provided by Daily Mail MailOnline logo Four men including a 17-year-old boy were arrested on suspicion of murder after a man died over the weekend. Police arrested a man, ... Read more »

Rishi Sunak told to reverse National Insurance rise NOW and keep manifesto promise

Ahead of the Autumn Budget in October, the Government announced National Insurance payments for employers and employees would be temporarily increased by 1.25 percent, costing Britons hundreds of additional pounds ... Read more »
On you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic