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Financial News: UK Economy Contracts In November

UK Economy Contracts In November

01/13/2020 - 05:18:00 (RTTNews)

(RTTNews) - The UK economy shrank in November due the weakness in services and industrial output, data from the Office for National Statistics showed Monday.

Gross domestic product contracted 0.3 percent on month driven by the falls in services and production. GDP had advanced 0.1 percent in both September and October. Economists had forecast GDP to remain flat.

In three months to November, the economy grew 0.1 percent sequentially after rising by revised 0.2 percent in three months to October.

Long term, the economy continues to slow, with growth in the economy compared with the same time last year at its lowest since the spring of 2012, ONS Head of GDP, Rob Kent-Smith said.

Services output dropped unexpectedly 0.3 percent offsetting October's 0.3 percent increase. Output was forecast to grow 0.1 percent.

In November, industrial production declined 1.2 percent month-on-month after easing 0.4 percent in October. Manufacturing logged a monthly fall of 1.7 percent due large falls in output of transport equipment, food and chemicals.

Industrial output was forecast to remain flat and manufacturing to fall 0.1 percent in November.

On a yearly basis, industrial production was down 1.6 percent, faster than the 0.6 percent decrease a month ago. Likewise, the decline in manufacturing output deepened to 2 percent from 0.3 percent.

Construction output increased 1.9 percent on month, in contrast to a 2.2 percent decline a month ago. This was the fastest monthly growth since January 2019.

Another report from ONS showed that the visible trade deficit narrowed sharply to GBP 5.26 billion from GBP 10.94 billion in October.

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