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UK economy shrinks 0.3% in November

Christian Fernsby ▼ | January 13, 2020
The UK economy contracted in November, the latest figures from the Office for National Statistics showed today.
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Economy in the UK   UK electricity
Gross domestic product slipped 0.3% month-on-month in November, undershooting consensus which, according to FXStreet, had pencilled in a flat reading for the month. This followed 0.1% growth in October.

Topics: Economy UK

In the rolling three months to November, UK GDP grew 0.1% sequentially, half the growth rate seen in the August-to-October period.

"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," said ONS had of GDP, Rob Kent-Smith.

"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," he added.

In the three months to November, the services industry grew 0.1% and construction by 1.1%, while production slipped 0.6%, marking its second consecutive rolling three-month decline.

For just the month of November, services fell 0.3% from October, while production was down 1.2% and construction grew 1.9%.

Separately, the ONS on Monday said the UK's total trade surplus in November widened by GBP600 million to GBP1.1 billion in the three months to November. In the 12 months to November, the country's trade deficit widened by GBP9.1 billion to GBP36.0 billion.