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

Taliban permits traders to carry weapons for protection

Latest from -Top News

Pak Army Chief Targets India Again

This is not the first time that Munir has indulged in loose talk, exhibiting conduct unbecoming an officer….reports Asian Lite News Pakistan’s Chief of Army Staff (COAS) General Syed Asim Munir on

Relief for Students: US Visa Cancellations Paused

More than 1,500 student visas have been cancelled so far…reports Asian Lite News The United States on Friday abruptly paused the cancellation of student visas issued to international students, according to reports.

Yunus Must Be Treated Like Hasina, Warn Islamists

Islamist group made these warnings to the interim government, terming the women’s reform body proposals as “anti-Islamic…reports Asian Lite News The radical Islamist group in Bangladesh, Hefazat-e-Islam, has issued a threat, stating

UN: Bring Pahalgam Terrorists to Justice

The members of the Security Council “stressed that those responsible for these killings should be held accountable..reports Asian Lite News The Security Council has “condemned in the strongest terms” the Pahalgam terrorist
Go toTop

Don't Miss

India, UK set to announce ‘green grid’ at COP26 summit

The UN Climate Change Conference, or COP26, is scheduled to

Sheikh Mansour in London for King Charles’ coronation

The King’s coronation will take place on Saturday, May 6….reports