The UK economy surpassed pre-pandemic levels for the first time in November. This is underpinned by the gaining momentum in all industries before the Omicron coronavirus variant hit the country.
According to data from the National Bureau of Statistics, production increased by 0.9% between October and November, significantly accelerating from near the stagnation of the previous month. This was much higher than the 0.4% predicted by Reuters polled economists.
Due to this increase, gross domestic product (GDP) was 0.7% above the February 2020 level prior to the first Covid-19 limit. This shows that the ground lost during the pandemic has been completely restored by the economy.
All industries have grown strongly. The services sector, which accounts for about 80% of the economy, expanded 0.7%, supported by the strong performance of the retail sector. Production increased by 1% more than expected and construction recovered 3.5% from the previous month’s contraction.
However, the data are prior to the surge in Covid-19 infection and the self-isolation associated with the spread of the Omicron variant.
Samuel Tombs, UK Chief Economist at Pantheon Macro Economics, said:
Grant Fitzner, Chief Economist at ONS, said:
He added that construction recovered from a weak month of months as more raw materials became more accessible.
Before Omicron hit, the UK economy grew beyond its pre-pandemic scale
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