The UK economy beat pre-pandemic levels for the first time in November after posting a stronger-than-anticipated growth.
- The Office for National Statistics reported that the gross domestic product (GDP) grew by 0.9% between October and November.
- That figure was higher than economists’ estimates and signaled the economy was 0.7% larger than in February 2020.
- Meanwhile, there is a concern that growth slowed after the spread of the Omicron variant and the introduction of Plan B restrictions.
- Grant Fitzner, ONS chief economist, stated that the economy grew strongly in the month before the emergence of Omicron, with architects, retailers, accountants, and couriers posting a bumper month.
- The increase in GDP was backed by 3.5% growth in the construction sector, with the unusually dry weather possibly helping too.
Manufacturing output also improved in November as the professional sector also picked up due to architectural and engineering activities being brought forward from December.
FTSE 100 down -0.065%, GBP USD up +0.21%Source: Office for National Statistics