The British economy grew faster than previously thought in the last three months of 2021, when the country was hit by the Omicron wave. GDP in the world’s fifth-largest economy grew by 1.3% in the fourth quarter compared to the previous three months, according to the National Statistics Office, stronger than the preliminary estimate for growth of 1.0%. The ONS said the biggest contributors to the increase were human health and social work activities, due to increased doctor visits at the beginning of the quarter and the large increase in coronavirus testing and screening activities and the expansion of the vaccination program. However, the increase in consumer spending was revised lower from 1.2% to 0.5%. Some economists have said that the upward revision seems to be due to higher stocks, which are not a sustainable source of growth. Paul Dales, senior UK economist at Capital Economics, said: The upward revision of GDP growth in the fourth quarter of last year may not be as encouraging as it seems, as much of it seems to be due to inventories while consumer spending has been revised downwards. The latter suggests that the squeeze on real incomes is starting to bite, although the drop in savings rate provides a cushion. Overall, the data leave the economy just 0.1% lower than the level of the fourth quarter of 2019 before the pandemic. The decline in GDP by 9.4% in 2020 was revised to a smaller decline of 9.3%, while GDP growth by 7.5% in 2021 was revised to an increase of 7.4%. GDP growth is likely to be around 4.0% this year, if not a little weaker, Dales said. Office for National Statistics (ONS) (@ONS) GDP grew by 1.3% in the fourth quarter of 2021 (revised from a 1.0% increase) and is 0.1% below the maximum of the fourth quarter of 2019 before the pandemic pic.twitter.com/aXB3LZcd6Z March 31, 2022 Oil prices fell as low as $ 5 a barrel this morning as news emerged that the United States was considering releasing up to 180 million barrels of its strategic oil reserves over several months, which would be the largest ever. never, Reuters reported. Brent crude is now trading at $ 4 lower at $ 109.44 a barrel, while US light crude is trading at $ 103.28 a barrel. Chinese manufacturing and services activity also shrank simultaneously in March for the first time since the start of the Covid-19 pandemic in 2020, reinforcing the urgent need for more political intervention to stabilize the economy. The Chinese authorities have already stated that they will intervene with more support measures. The official index of responsible markets in the industry fell to 49.5 from 50.2 in February, according to the National Bureau of Statistics of China, while the non-manufacturing PMI fell to 48.4 from 51.6 in February. Asian stocks fell after the data. The Japanese Nikkei closed 0.7% lower, while the Hong Kong Hang Seng fell 1% and the Shanghai Composite Index lost 0.45%. European stocks opened higher after yesterday’s fall. The FTSE 100 index is higher by 0.2% at 7,594 points, while the German Dax rose 0.6% and the French CAC rose 0.3%. Inflation in France rose to 4.5% in March from 3.6% in February due to higher prices for energy, food and services, the French statistical office said. THE AGENDA
8.55 a.m. BST: Germany unemployment for March (forecast: -20,000) 10 am. BST: Unemployment rate in the Eurozone for February (forecast: 6.7%) 10 am. BST :: Italy Inflation for March (preliminary) (forecast: 6.4%) 1:30 p.m. BST: US PCE Price Index for February
