UK economy recovery slows before Omicron: Data

UK economy recovery slows before Omicron: Data

Britain’s economic recovery from pandemic fallout slowed more sharply than previously thought in the third quarter even before the arrival of the Omicron variant, official data showed Wednesday.

Gross domestic product grew 1.1 percent in the July-September period as the economy reopened, the Office for National Statistics (ONS) said in a statement.

According to Press TV, that compared with the prior estimate of 1.3 percent, and followed a downwardly-revised 5.4 percent growth in the second quarter as global supply disruptions hurt businesses.

Economists predict the slowdown will extend into the fourth quarter due to recent curbs aimed at tackling the spread of the Omicron coronavirus strain that emerged in November, while surging inflation and a Bank of England interest rate hike is also set to weigh.

Nevertheless, the ONS added Wednesday that the economy was closer to its pre-pandemic level in the third quarter as a result of an upgrade…

Continue reading

Leave a Reply

Your email address will not be published. Required fields are marked *