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    Home » UK Business Growth Falls to 11-Month Low as Omicron Hampers Service Sectors
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    UK Business Growth Falls to 11-Month Low as Omicron Hampers Service Sectors

    January 24, 20221 Min Read
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    Business center closed due to COVID-19, sign with sorry in door window. Stores, restaurants, offices, other public places temporarily closed during coronavirus pandemic. Economy hit by corona virus.
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    The British economy expanded at its slowest rate in nearly a year in January as hospitality, leisure, and travel businesses felt the impact of the Omicron variant.

    • The flash PMI estimate of activity from IHS Markit stated a two-speed recovery with an easing of supply-chain bottlenecks for manufacturing offset by weakness in consumer-facing services companies.
    • Service growth slowed down for a third month, amid reports from businesses of a slowed pace caused by pandemic disruptions and subdued demand.
    • The IHS Markit/Cips measure of output dropped from 53.6 to 53.4 in January, its lowest point in 11 months.
    • Chris Williamson, IHS Markit’s chief business economist stated a resilient rate of economic growth in the UK during January offset wide variations across different sectors.
    • Williamson further stated consumer-facing businesses have been hit hard by Omicron and manufacturers have posted a further concerning trend of weakening of order book growth.

    The four biggest economies, Germany, France, Italy, and Spain, tightened restrictions in recent weeks.

    FTSE 100 down -1.21%, GBP USD down -0.43%Source: IHS Markit

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    COVID-19 Omicron UK economy
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