The UK’s gross domestic product is expected to return to pre-COVID-19 levels by the end of 2021, a year ahead of the original guidance, the Confederation of British Industry said Friday.
The CBI expects GDP growth of 8.2% in 2021 and 6.1% in 2022, compared with the previous forecast of 6% in 2021 and 5.2% in 2022, following a 9.9% slump in output in 2020.
The economy is expected to recover significantly over the summer on the back of softer COVID-19 restrictions, rapid vaccine rollout and pent-up demand. Household spending will drive just over a quarter of GDP growth in 2021 and 70% of growth in 2022.