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%.
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