January 14, 2022

Finally! The UK economy returns to the pre-pandemic level

 The UK economy finally returned to the pre-pandemic level with a stronger growth than expected in November.

Based on the latest data released by the National Statistics Office (ONS), the UK Gross Domestic Product (GDP) jumped to 0.9% last month from 0.2% previously, and was much better than expected for growth of 0.4%.

This figure also shows that the economy is 0.7% more high above the pre-pandemic level in February 2020, when the Covid-19 Pandemic starts to hit.

This growth was driven by a stronger increase in the construction and manufacturing sectors.

Nevertheless, GDP growth is expected to be affected in December and January due to the revival of the COVID-19 case caused by the Omicron variant that struck Europe.

However, according to a statement from UK health officials, Omicron's wave of infection has culminated in the UK and analysts say the impact on the economy may only temporarily, allowing the England Central Bank (BOE) to continue to raise interest rates.

Following that, the early reaction of the Pound trading was unchanged, watching the currency remained strong at around the price of 1.3700 compared to US dollars.