Swisslife Asset Managers found in their March 2022 Outlook that the UK economy ended 2021 in much better shape than most economists expected. British GDP will still lag 2.9% from pre-crisis levels in the fourth quarter of 2021. In fact, it was only 0.4%.
Rapid and widespread opening-up measures, as well as the weak weight of the industrial sector grappling with global distribution problems, have contributed to this.
According to a report by Swisslife Asset Managers, early new year data suggested that the UK may maintain momentum in the new year.
In January, retail sales were better than expected in December due to the pandemic and preliminary PMI data for February pointed to a marked uptick in the services sector as well as strong growth in the industrial sector. ,
“The jobs panel, which is at a three-month high compared to other major industrialized countries and which indicates a persistent shortage of workers, is particularly striking in PMI services”, conclude Swisslife Asset Managers.
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