UK economy grows slower than expected

UK economy
The UK economy grew by just 0.2 percent, according to the ONS.

Between July and September, the UK economy grew by 1.1% – which is lower than predictions of 1.3%.

The quarter was before the spread of Omicron, which is now affecting the hospitality sector and leading to more people staying at home.

“Our revised figures show UK GDP recovered a little slower in the third quarter, with much weaker performances from health and hairdressers across the quarter, and the energy sector contracting more in September, than we previously estimated. However, stronger data for 2020 means the economy was closer to pre-pandemic levels in the third quarter,” said Darren Morgan, the director of economic statistics development at the Office of National Statistics.

Household consumption during the quarter increased 2.7% whilst export of goods fell by 8.8%. Total imports to the UK increased by 1.1%.