Financial News: UK GDP Edges Up In November

UK GDP Edges Up In November

(RTTNews) - The UK economy expanded slightly in November after two consecutive contractions, the Office for National Statistics reported Thursday.

Gross domestic product grew 0.1 percent on a monthly basis in November, following an unrevised fall of 0.1 percent in October. GDP was expected to grow 0.2 percent.

Data showed that the services sector was the largest contributor to the growth with output rising 0.1 percent. This follows a 0.1 percent fall in October.

The decline in industrial production softened to 0.4 percent from 0.6 percent. Within in this, manufacturing was down 0.3 percent on month compared to a 0.6 percent decline in October.

At the same time, construction grew 0.4 percent, partially offsetting the 0.3 percent decrease in October.

In November, GDP was estimated to be 1.0 percent higher than in November 2023. The actual growth was weaker than economists' forecast of 1.3 percent.

In three months to November, real GDP registered no growth in the three months to November from previous three months.

Another report from the ONS showed that the visible trade gap was largely unchanged in November. The visible trade deficit totaled GBP 19.31 billion compared to a GBP 19.33 billion shortfall in October.

The surplus on trade in services increased to GBP 14.55 billion from GBP 14.31 billion. As a result, the total trade gap declined to GBP 4.75 billion from GBP 5.01 billion in the previous month.

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