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Upward revision in annual GDP growth, despite Omicron denting output over Christmas
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There's been an upwards revision of Q3 growth from 1% to 1.4%, meaning that the ONS is now of the view that the economy is within 0.1% of its pre-pandemic size. It's believed that the spending on the testing programme for the Omicron variant has played a significant role in this.
However, in the longer-term, the fact that trade has fallen so much and the level of output minus government spending is still 2.9% below the pre-pandemic level are still significant causes for concern.