UK economy returns to growth as GDP rises 0.3% – what it means for your money
THE UK economy has grown as GDP rises by 0.3% latest figures show.
Gross domestic product (GDP) rose by 0.3% in November after falling by 0.3% in October, the ONS said.
The uplift was driven by the services sector, which rose by 0.4% during the month, and was the biggest contributor to economic growth.
Economists had been expecting GDP to rise by 0.2%.
Real gross domestic product (GDP) is estimated to have fallen by 0.2% in the three months to November 2023, compared with the three months to August 2023.
Real gross domestic product (GDP) is estimated to have fallen by 0.2% in the three months to November 2023.
Monthly GDP is estimated to have grown by 0.3% in November 2023, following an unrevised fall of 0.3% in October 2023.
Services output grew by 0.4% in November 2023 and was the main contributor to the monthly growth in GDP; this follows a fall of 0.1% in October 2023.
Production output grew by 0.3% in November 2023, following a fall of 1.3% in October (revised down from a 0.8% fall in our previous publication).
The construction sector fell by 0.2% in November 2023 after a fall of 0.4% in October 2023.
Chancellor of the Exchequer Jeremy Hunt said: “While growth in November is welcome news, it will be slower as we bring inflation back to its 2% target.
“But we have seen that advanced economies with lower taxes have grown more rapidly, so our tax cuts for businesses and workers put the UK in a strong position for growth into the future.”