The acceleration in GDP growth to 6.9% annualised in the fourth quarter, from 2.3% in the third, mainly reflects a record surge in inventories, which will be partly reversed in the first quarter of this year. The Omicron wave means the economy is starting 2022 on a much weaker footing and we expect growth to disappoint over the rest of this year too.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services