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- UK GDP unexpectedly fell in November
UK GDP unexpectedly fell in November
According to the report from Office for National Statistics, monthly gross domestic product (GDP) fell by 0.3% in November 2019, driven by falls in both services and production. GDP was expected to remain unchanged. This followed growth of 0.1% in both September and October 2019.
ONS also reported that UK GDP grew by 0.1% in the three months to November 2019. The services and production sectors contributed positively to gross domestic product (GDP) growth in the three months to November 2019, growing by 0.1% and 1.1%, respectively. Meanwhile, the production sector fell by 0.6% in the same period, its second consecutive rolling three-month decline.
Commenting on today's GDP figures, Head of GDP Rob Kent-Smith said: "Overall, the economy grew slightly in the latest three months, with growth in construction pulled back by weakening services and another lacklustre performance from manufacturing. The UK economy grew slightly more strongly in September and October than was previously estimated, with later data painting a healthier picture. 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. The underlying trade deficit narrowed as exports grew faster than imports."
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