UK growth bounces back in January

GDP increases 0.8% m-o-m and 10% y-o-y in January, according to UK statistical authority

By Tuba Sahin

ANKARA (AA) - The UK's gross domestic product (GDP) rebounded in January compared to a month ago, according to data released by Office for National Statistics on Friday.

The world's fifth-largest economy grew by 0.8% month-on-month in January, after contracting by 0.2% in December 2021 as the omicron variant impact faded away.

The statistics office stated that the GDP was 0.8% above its pre-coronavirus level (February 2020).

All sectors contributed to the recovery in the main reading as services expanded by 0.8%, production by 0.7%, and construction by 1.1% in the month.

Compared to January 2021, the country's economy grew by 10% in January 2022, the fastest in seven months.

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