UK Economy Grows Faster than Expected, Household Savings Drop

The UK economy grew at a faster rate than expected between October and December last year, at 1.3% compared to forecasts of 1% according to the Office for National Statistics. GDP is now just 0.1% below its pre-pandemic figure. All this despite the Omicron hysteria at the end of last year…

The rise is also a bounce back from the downwardly revised growth of 0.9% in Q3, with total yearly growth sitting at 7.4% in 2021. Household savings, meanwhile, are at their lowest point since the start of the pandemic, with the ratio at 6.8% by December. Just as inflation begins to bite…

ONS director of economic statistics Darren Morgan said:

“GDP grew a little stronger than we first thought in the fourth quarter, meaning it is now only 0.1 percent below its pre-pandemic level. Savings were at their lowest level since the start of the pandemic as household spending rose, mainly driven by rising prices.

House prices still continue to soar at their fastest rate since 2004, with the typical price now 21% higher than before the pandemic…

mdi-tag-outline Data Guido GDP Growth Office for National Statistics
mdi-timer March 31 2022 @ 09:00 mdi-share-variant mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-printer
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