UK economy grows faster than expected in November
Britain’s economy saw a stronger-than-anticipated rebound in November, according to official data. The Office for National Statistics reported a rise in gross domestic product, surpassing analyst forecasts. Growth was mainly driven by the services sector, with officials noting there is still work to do to boost the economy further. The latest figures come before new unemployment and inflation data expected next week.
What we know
- The Office for National Statistics said Britain’s GDP grew by 0.3 per cent in November, beating the 0.1 per cent forecast.
- GDP had fallen by 0.1 per cent in October, while September saw slight growth after earlier reports of a contraction.
- Liz McKeown, director of economic statistics at the ONS, highlighted the services sector as the main driver of growth for the September-November period.
- A Treasury spokesperson stated there is “more to do” to support growth, control inflation, and reduce borrowing costs.
- The November growth figures are the first major official reading on the UK economy since the start of the year.
