U.K. Economy in Third Quarter Grew Slower than Expected

U.K.’s economy grew slower than previously expected in July-September period before the Omicron variant of the coronavirus posed a further threat to the recovery later in the year, official data showed on Wednesday.

Gross domestic product of U.K. increased by 1.1% in the third quarter, whereas forecast for growth was at 1.3%.

The office for National Statistics said, the growth is slower than the economy’s 5.4% bounce-back in the second quarter.

“Our revised figures show UK GDP recovered a little slower in the third quarter, with much weaker performances from health and hairdressers across the quarter, and the energy sector contracting more in September, than we previously estimated,” ONS Director of Economic Statistics Darren Morgan said.

“However, stronger data for 2020 means the economy was closer to pre-pandemic levels in the third quarter,” Darren added.

Britain’s balance of payments deficit increased to 24.4 billion pounds amid fall is exports of goods and increase in import and foreign companies more income to their investment in U.K.