Thursday, November 11, 2021

UK Q3 GDP +1.3% vs +1.5% Expected

A further easing of restrictions saw UK GDP expand by a decent amount (1.3%) in Q3, though less robust demand conditions and self-isolation restrictions in August may have weighed on overall activity during the quarter.

As things stand, UK real GDP is now 2.1% below its pre-pandemic level (Q4 2019).
The media have got very excited over the fact that this is less than expected. However, as I have noted many times before, ONS statistics are not that accurate and are invariably revised upwards.

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