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Strong start to second quarter driven by re-opening
Economic data in recent weeks continue to be strong, suggesting that the lifting of Covid-19 restrictions has continued to drive changes in economic activity through the spring. NIESR’s fullyear 2021 forecasts were revised up to 5.7 per cent in early May, from 3.4 per cent in February, driven by the expectation of a smaller fall in first-quarter GDP than anticipated earlier in the year. This reflected the success of lockdown and vaccinations in reducing the spread of Covid19 in the UK. In the first quarter of 2021, overall negative growth of 1.5 per cent was made up of falls in household consumption and investment, ... (full story)