U.K. Economy in November Overtook It’s Size in Pre-Pandemic Time

United Kingdom’s GDP grew much stronger than expected by 0.9% in November which overtook the size of the economy before country went into lockdown due to COVID-19, the Office for National Statistics said on Friday.

The economy was 0.7% bigger than it was in February 2020, the ONS said.

Reuter’s economists poll forecasted monthly GDP growth of 0.4% for November.

“It’s amazing to see the size of the economy back to pre-pandemic levels in November – a testament to the grit and determination of the British people,” finance minister Rishi Sunak said.

Other economies have already recovered their pre-COVID size, chief among them the United States.

However, health officials views Omicron likely to peak in short term which could take hit to the economy. Some market strategists believes the hit would be short run allowing Bank of England to rise interest rate in 2022.