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Economic Indicators

11 Mar 2022

ONS: U.K. Economy’s Bounce-back Surpasses Expectations in January

The Index Today

The U.K.’s economy witnessed a strong rebound in January, surpassing the expectations of economists. As per official data, Britain’s economic recovery after its pandemic-induced slump offers a cause for the central bank to hike interest rates at their policy meeting next week.

According to the Office for National Statistics (ONS), the country’s GDP rose by 0.8% month-on-month in January following its December drop of 0.2%, exceeding expectations of economists polled by Reuters who had originally anticipated a 0.2% growth.

Reuters reported that the ONS attributed growth in the services sector to the wholesale and retail industry, noting booms across all major sectors of the British economy. As a result, the economic boost coupled with soaring inflation is likely to induce Bank of England’s policymakers to hike interest rates for the third time in three months at their meeting next week.

©Photo: BBC News

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