UK economy expands by 0.3% in November led by services

(Alliance News) The UK economy grew by slightly more than expected in November last year, according to the Office for National Statistics on Friday.

The ONS said the UK gross domestic product grew 0.3% on a monthly basis in November, having contracted by 0.3% in October. The market had been expecting 0.2% growth, according to FXStreet-cited consensus.

The ONS explained that growth in services was the main contributor to the monthly growth in GDP. Services output rose 0.4% in November, after a 0.1% contraction in October. Within services, the largest contributor was information & communication, which grew 1.5% after falling 0.9%.

Production output grew 0.3%, after falling 1.3%. Construction output fell 0.2%, after falling 0.4%.

Separately, the ONS reported trade data for November.

The trade in goods and services deficit widened slightly by GBP400 million to GBP9.3 billion in the three months to November, but has been "broadly stable" over much of 2023, the ONS noted.

Total imports fell 1.1% to GBP219.9 billion, while exports fell 1.4% to GBP210.6 billion.

The trade in goods deficit widened by GBP300 million to GBP47.8 billion, while the trade in services surplus narrowed by GBP200 million to GBP38.5 billion.

By Elizabeth Winters, Alliance News deputy news editor

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