The British Economy Recorded a Strong Recovery in January

Data showed that the British economy recorded in January a recovery that far exceeded expectations from the decline caused by the Coronavirus in late 2021, which will increase the motivation of policymakers in the Bank of England to raise interest rates next week. The National Bureau of Statistics said gross domestic product grew 0.8% month-on-month in January after declining 0.2% in December. That was more than any economist in a Reuters poll had forecast 0.2% growth.

The office said that all major sectors of the British economy grew more than expected, while the sectors of wholesale and retail sales were among the main catalysts for the huge services sector.