The UK economy is slowly recovering from the pandemic and subsequent lockdowns, but recent studies show that the emergence of the Omikron variant in the UK has significantly dampened economic growth. Economists have revealed that the new wave of Covid-19 caused by a recently discovered mutation in the coronavirus has reduced consumer activity to levels unheard of in 11 months.
The latest research by economists shows that the British economy has slowed to an 11-month low. The UK IHS Markit/CIPS report showed that the prevalence of the Omikron variant had a significant impact on consumer activity, with the January PMI standing at just 53.4 points. The Purchasing Managers’ Index, or PMI, is an indicator of financial activity created by the Markit Group and the Institute for Supply Management of Financial Activity, which shows the activity of managers purchasing different types of goods and services. Each result above 50 points means an increase, and each below – a decrease in economic activity. In December, the UK PMI was 53.6 points.
UK business is once again suffering from another wave of coronavirus
The steady pace of UK economic growth in January masks significant differences between sectors. Leading companies [swoje produkty/usługi bezpośrednio] For consumers hit hard by Omikron, some sectors remained encouragingly strong [wzrosty]Chris Williamson, chief economist at IHS Markit, said other manufacturers had reported more worrying weaknesses in order book growth.
Economists point out that this is the third consecutive month of weakness in the sector, with companies surveyed blaming the ongoing disruptions of Covid-19 and limited demand from wary customers for the loss of momentum.
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