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London monitor | London’s economic growth to slow in 2022 as recovery matures
There are two factors explaining this. Omicron stifled activity in December 2021 and the opening part of the new year, leading us to downgrade our near term forecasts. But, importantly, London’s recovery is moving to a more mature phase, with the largest post lockdown gains realised in 2021 and the re emergence of the usual drivers of growth.
What you will learn:
- The Purchasing Managers’ Index suggests that business activity slowed in December 2021 from its eight year high in November.
- Bank lending to businesses grew sharply in December, up by 9% from November.
- Resident employment in London rose by 0.9% between June August 2021 and September November 2021 the largest increase since the end of the first lockdown in 2020.
Topics: Cities, Forecasts, United Kingdom, Europe, Coronavirus, Real Estate, London, Recovery, Covid19, Economic recovery, Business, Covid crisis, Omicron
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