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UK economy above pre-Covid levels in November - Perthshire Chamber of Commerce

UK economy above pre-Covid levels in November

The UK economy surpassed pre-Covid levels for the first time in November after recording stronger-than-expected growth.

The Office for National Statistics said gross domestic product (GDP) expanded by 0.9% between October and November.

That was higher than economists' expectations and meant the economy was 0.7% larger than in February 2020.

But there is concern growth slowed again after the spread of Omicron and the introduction of COVID-19 measures.

"The economy grew strongly in the month before Omicron struck, with architects, retailers, couriers and accountants having a bumper month," said ONS chief economist Grant Fitzner.

"Construction also recovered from several weak months as many raw materials became easier to get hold of."

Inflation is expected to hit 6% by spring, according to the Bank of England which raised its key interest rate in December and is forecast to lift borrowing costs again this year.

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