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UK economy finally bigger than before pandemic in November -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – People line up at Westminster Bridge for COVID-19 vaccination and booster doses. This is as coronavirus spread continues at the walk-in vaccine centre Saint Thomas’ Hospital, London. December 14, 2021. R

LONDON (Reuters) – Britain’s economy grew by a much stronger-than-expected 0.9% in November, finally taking it above its size just before the country went into its first COVID-19 lockdown, the Office for National Statistics said on Friday.

According to the ONS report, world’s fifth-largest economy had 0.7% greater than in February 2020.

Reuters polled economists to forecast 0.4% monthly growth in gross domestic product for November, according to Reuters.

Although November was a strong month for growth, the GDP suffered from a slowdown in December due to Omicron coronavirus. Many firms reported staff shortages, while consumers were still cautious about leaving the house.

Health officials believe the Omicron infection wave in Britain has reached its peak. Economists think that the impact on the economy will be temporary, and the Bank of England can continue to raise interest rates.

According to the ONS, all data revisions being considered, GDP would have exceeded its pre-coronavirus levels in quarters in October and December last year. This is provided that economic output doesn’t fall more than 0.2% during December.

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