UK GDP Surpasses Pre-Pandemic Level After a 0.9% Jump in November

Source: Office for National Statistics

UK’s gross domestic product rose past the February 2020 levels by 0.7% after posting 0.9% gains in November, higher than an increase of 0.2% the previous month. FTSE 100 is down -0.12%, GBPUSD is up +0.12%.

• Construction output rose by 3.5% in November, while production and services saw a 1.0% and 0.7% increase, respectively. Services and construction are now 1.3% above the levels before the pandemic. 
• Consumer-facing services expanded by 0.8%, fueled by a 1.4% gain in retail trade. Consumer-facing services are 5.0% below the pre-pandemic level, while all other services, which increased by 0.6%, are 2.9% higher than February 2020.
• The Office for National Statistics says UK GDP in the fourth quarter of 2021 will hit or surpass the pre-pandemic level if the December monthly estimate does not fall beyond 0.2%.