Record Growth For Britain’s Economy at 16% in Q3

Official data showed that the economic recovery in Britain from the collapse caused by the Corona virus in the period from July to September was somewhat faster than previously thought, and it also reported that government borrowing had jumped for spending related to the Corona virus crisis.

GDP grew at a record rate of 16% on a revised reading, up from a previous estimate of 15.5%, but that remains unable to offset the 18.8% decline in the April-June period when most sectors of the economy were at a standstill.

The Office for National Statistics also said Britain borrowed at an unprecedented rate of 241 billion pounds (323 billion dollars) in the first eight months of the fiscal year, an increase of nearly 190 billion pounds from the same period a year ago.

The office said public debt was around 2.1 trillion pounds, or 99.5% of annual output, the highest debt-to-GDP ratio since 1962.