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UK Economy Surpasses Pre-Coronavirus Levels for First Time in November

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The United Kingdom economy recovered above levels seen before the COVID-19 pandemic in November due mainly to health and social activities ahead of the Christmas holidays, the ONS reported.

The gross domestic product (GDP) grew by 0.9% in November 2021, hitting levels above the pre-COVID-19 level for the first time by 0.7%.  This compares with an upward-revised 0.2% increase recorded the previous month.

Services and construction both rose 1.3% higher than their respective pre-coronavirus levels, but production continues to be 2.6% lower. The biggest monthly growth drivers were human health and social work activities, trade, and arts and entertainment.

Should there be no data revisions, the fourth-quarter GDP will most likely either hit or surpass the pre-coronavirus level in the fourth quarter of 2019, provided that December 2021 figures do not decline by over 0.2%.

Consumer-facing services remain 5.0% lower than the pre-coronavirus levels, while all other services are 2.9% higher. EWU is up 0.70% premarket.

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