UK economy surprises, grows 0.1% in November13 Jan 2023 07:53
The British economy grew by 0.1% in November compared to the previous month, according to a report published by the Office for National Statistics on Friday, decelerating expansion versus the October change of 0.5%.
The services sector grew by 0.2%, with the largest output in consumer-facing services going up by 0.4%. The growth was led by administrative and support activities, as well as the expansion of information and communications services. On the other hand, production output decreased by 0.2% and continued decline. Manufacturing of pharma-related products was the largest negative contributor to the production output.
Monthly construction output saw flat growth in volume terms. Overall, the monthly GDP change was estimated to be 0.3% below the pre-pandemic level. However, the United Kingdom's GDP was estimated to have fallen by 0.3% in the quarter to November.
Baha Breaking News (BBN) / ND