UK economy returns to growth in November
By Michele Maatouk
Date: Thursday 16 Jan 2025
(Sharecast News) - The UK economy returned to growth in November last year, according to figures released on Thursday by the Office for National Statistics.
The economy grew 0.1% following contractions of 0.1% in October and September, although this was below expectations of 0.2% growth.
Most of the growth was put down to a 0.1% expansion in the services sector, following a revised 0.1% drop the month before.
The figures showed that production output fell by 0.4% in November following an unrevised 0.6% contraction in October, while construction output grew 0.4% following a revised 0.3% decline in October.
Liz McKeown, director of economic statistics at the ONS, said: "The economy continues to be broadly flat, having grown slightly in November following two small falls in the previous months.
"Services grew a little, with wholesaling, pubs and restaurants and IT companies all doing well, partially offset by falls in accountancy and business rental and leasing.
"Construction also grew led by new commercial developments, while production continued to decline in November with further falls across a range of manufacturing industries and oil and gas extraction."
Ashley Webb, UK economist at Capital Economist, said: "While the smaller-than-expected 0.1% m/m rebound in GDP in November (consensus & CE +0.2% m/m) offset the 0.1% m/m decline in activity in October, it's clear that the economy has a bit less momentum than we previously thought and there remains a risk that the economy contracted in Q4 as a whole."
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