The UK economy experienced a slight expansion in November, as reported by the Office for National Statistics on Thursday, following two months of consecutive decline.
The Gross Domestic Product (GDP) increased by 0.1% in November, on a monthly basis, following a steady decrease of 0.1% in October. This growth, however, fell short of the anticipated 0.2%.
The services sector emerged as the primary driver of this growth, with output rising by 0.1%, rebounding from a previous 0.1% decline in October.
Meanwhile, the downturn in industrial production eased to 0.4% from 0.6%. Within this segment, manufacturing experienced a marginal drop of 0.3%, compared to a 0.6% fall in the prior month.
Conversely, the construction sector saw a 0.4% increase, which helped to counterbalance the 0.3% decrease recorded in October.
For November, the GDP was estimated to be 1.0% higher compared to November 2023. This increase was weaker than the 1.3% growth forecasted by economists.
Over the three-month period leading to November, there was no growth in real GDP compared to the preceding three months.
Additionally, a separate report by the ONS indicated that the visible trade deficit remained largely stable in November, totaling GBP 19.31 billion, compared to a GBP 19.33 billion deficit in October.
The trade surplus in services improved to GBP 14.55 billion from GBP 14.31 billion, leading to a reduction in the total trade deficit to GBP 4.75 billion, down from GBP 5.01 billion the month before.
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