UK economy grew more slowly than expected before Omicron hit | Economic growth (GDP)
The UK economy grew at a slower pace than first thought between July and September, at 1.1% compared with the 1.3% initial estimate, official figures show.
Net trade weighed on growth, the Office for National Statistics figures show, as exports fell during the period and imports rose. The UK’s trade balance fell to a deficit of -1.9% of GDP in the third quarter, revised down from the first estimate of -1.2%.
However, household consumption during the quarter rose by 2.7%, more than originally estimated and making the largest contribution to expenditure, as the economy reopened from Covid restrictions during the summer months, after indoor hospitality was reopened in England, Scotland and Wales.
The period in question came before the spread of the Omicron variant prompted the government to introduce Covid plan B measures, leading to a steep decline in trade in parts of the economy, including the hospitality sector, as consumers…
