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Britain’s economic performance over the Covid-19 pandemic was significantly better than previously thought, the Office for National Statistics said on Friday as it added nearly 2 per cent to the size of the economy.
Its annual examination of previously published data showed the contraction at the height of the crisis in 2020 was not as deep as initially thought, as it found companies had been adding to piles of unsold stocks rather than running them down. For 2021, a closer look at wholesale companies and the health sector produced very large upward revisions.
The changes mean that by the end of 2021, the UK economy was 0.6 per cent larger than pre-pandemic levels rather than the 1.2 per cent contraction shown in the original data.
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