Economy recovers above pre-COVID level for the first time, but Omicron fears hit | business news

Economy recovers above pre-COVID level for the first time, but Omicron fears hit |  business news

The loss of momentum is likely to have stretched into January with many firms reporting severe staff absences and consumers still wary of going out because of the highly contagious COVID-19 strain. However, despite November’s acceleration in growth, GDP is likely to have taken a hit in December when the Omicron coronavirus variant swept across the world. But health officials think the Omicron infections wave has now peaked in the UK and economists say the impact on the the economy is likely to be short-lived, allowing the Bank of England to continue raising interest rates.

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Chancellor Rishi Sunak hailed the ‘grit’ of the British people Latest COVID-19 updates from the UK and around the world

It meant the world’s fifth-biggest economy was 0.7% bigger than it was in February 2020, the ONS said. Analysts had predicted a 0.4% rise in November.

Please use Chrome browser for a more accessible video player 2:09 “This meant that monthly GDP exceeded its pre-pandemic level for the first time in November.”

“Construction also recovered from several weak months as many raw materials became easier to get hold of. Office for National Statistics chief economist Grant Fitzner said: “The economy grew strongly in the month before Omicron struck, with architects, retailers, couriers and accountants having a bumper month.

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  • Economy recovers above pre-COVID level for the first time, but Omicron fears hit | business news
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