UK economy grew slower than thought

Britain's economy grew slower than previously thought over the July to September period.

The country's Office for National Statistics - or ONS - made the announcement Wednesday (December 22).

Gross Domestic product increased by 1.1% in the third quarter - below an original estimate of 1.3%.

At the time manufacturers and building firms were hit hard by global supply chain problems.

Weakness in the health sector where test and trace work and vaccinations tailed off was also partly behind the cut to the Q3 growth estimate.

A fall in energy output also weighed after demand rose during a cold spring.

Business investment fell 2.5% in the third quarter from the previous three months - down more than a tenth below its pre-health crisis levels.

The ONS said Britain's progress towards regaining its pre-health crisis economic size was behind countries like Germany, France, and the U.S.

In the short-term investors expect a further slowdown in the fourth quarter of this year and a weak start to 2022.

That negative sentiment is due to the fast spread of the new Omicron variant which has hurt many sectors of Britain's economy.

Prime Minister Boris Johnson has ruled out any new restrictions in England before Christmas, but said he might have to act afterwards.

Scotland and Wales have tightened their controls.

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