The US economy continued to recover in the first three months of the year as businesses reopened and the government spent heavily on Covid relief for citizens.

The economy grew at an annualised rate of 6.4% in the quarter, up from 4.3% in the final three months of 2020.

The US economy is rebounding faster than expected after contracting sharply in 2020.

But it is several years away from fully recovering from the pandemic recession.

Richard Flynn, UK managing director at financial services firm, Charles Schwab, said: “The US economy is accelerating quickly and remains on solid footing as we likely continue to move into a period of exceptional growth.

“We have experienced the sharpest economic ‘V’ in history – a deep recession and rapid recovery within just five quarters.”