November 12, 2021
1 min read

Lockdown easing spurs UK GDP

The output of the service sector grew by 1.6 per cent in the third quarter when compared with the previous quarter…reports Asian Lite News

The UK’s gross domestic product (GDP) has recorded a 1.3 per cent quarterly rise in the third quarter as Covid-19 restrictions were further eased, the Office for National Statistics (ONS) said in its latest update.

The third quarter GDP was still 2.1 per cent below where it was before the pandemic in the fourth quarter in 2019, Xinhua news agency quoted the ONS as saying.

The output of the service sector grew by 1.6 per cent in the third quarter when compared with the previous quarter, with 0.7 per cent below fourth quarter 2019 levels, figures showed.

Meanwhile, production output increased by 0.8 per cent in the third quarter, 2.1 per cent below its pre-Covid levels.

Construction output fell by 1.5 per cent quarter-on-quarter.

Earlier this month, the Bank of England announced that it will keep interest rates unchanged at 0.1 per cent despite widespread speculation that it will raise rates to contain rising inflation.

Annual inflation stood at 3.1 per cent in September, and is expected to peak at around 5 per cent in April 2022, the bank predicted, adding that the upward pressure on the consumer price index, a main gauge of inflation, is expected to dissipate over time.

The bank made two emergency base rate cuts from 0.75 per cent to 0.1 per cent to support businesses and households since the Covid-19 pandemic began.

ALSO READ: Planned UK oil field unaligned with Paris goals: Report

Previous Story

3,500 hectares of crop destroyed in TN

Next Story

Celebs’ sparkling outfits of Diwali

Latest from -Top News

Taipei Gets Tough on Beijing

The new move marks one of the most comprehensive efforts in recent years to strengthen Taiwan’s legal defences against Beijing’s covert attempts…reports Asian Lite News Taiwanese lawmakers from both the ruling and

Pakistan Warns Afghanistan War

Pakistan’s Defence Minister Khawaja Asif warned that Islamabad could enter an “open war” with Kabul if peace talks in Istanbul fail to ease rising Afghan border tensions…reports Asian Lite News Pakistan’s Defence

UN Signs Landmark Cybercrime Treaty

Malaysia’s foreign minister warned ASEAN is losing neutrality amid rising global power competition, ahead of the bloc’s annual summit….reports Asian Lite News Sixty-five nations have signed a landmark United Nations convention in

Malaysia Warns ASEAN Neutrality Eroding

Malaysia’s foreign minister warned ASEAN is losing neutrality amid rising global power competition, ahead of the bloc’s annual summit….reports Asian Lite News  Malaysia’s foreign minister has warned Southeast Asian counterparts that the
Go toTop

Don't Miss

Shreya Dharmarajan’s Day as British High Commissioner

Shreya, who was chosen from a pool of more than

India, UK looking at possible Delhi visit of Sunak  

It is learnt that both sides were even looking at