London, March 11 (BUS): Britain’s economy rebounded much more than expected in January from the coronavirus-related recession in late 2021, according to data on Friday, raising – along with rising inflation – the prospect of a rate hike next week. .
The Office for National Statistics said gross domestic product grew 0.8% month over month in January after a 0.2% decline in December when the Omicron wave of the coronavirus hampered growth. It was the strongest monthly expansion since June, and more than any economist in a Reuters poll had forecast 0.2 percent growth.
According to Reuters, all major sectors of the British economy grew more than expected, with the wholesale and retail sector as well as bars and restaurants serving as certain drivers, the Office for National Statistics said.
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