Posted: Fri 13th Jan 2023

UK economy unexpectedly grows by 0.1% in November, latest GDP figures reveal

News and Info from Deeside, Flintshire, North Wales
This article is old - Published: Friday, Jan 13th, 2023

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According to the Office for National Statistics (ONS), the UK’s Gross Domestic Product (GDP) rose by 0.1% in November.

Economists had forecast GDP would drop by 0.2% in November from October.

However the data also showed that in the three months to the end of November, the economy shrank by 0.3%, putting jobs and businesses at risk, the Trades Union Congress has said​.‌‌‌​‌‌‍‌​‌‌‌​‌​‍‌​‌‌‌​‌​

GDP is a measure of the size and health of a country’s economy over a period of time.

Household spending forms the biggest part, accounting for about two thirds of GDP.

The ONS has said that the UK economy is showing signs of growth, with output in consumer-facing services increasing by 0.4% in November 2022.

This follows growth of 1.5% (revised up from a previous growth of 1.2%) in October 2022.

Pubs and restaurants were a key contributor to the growth, the ONS said there was evidence to suggest the growth coincided with the start of the FIFA World Cup.

Production output decreased by 0.2% in November 2022, after falling 0.1% (revised down from previously reported flat growth) in October 2022, manufacturing was the main driver of this negative growth, partially offset by a positive contribution from mining and quarrying.

The construction sector remained flat in November 2022, after growth of 0.4% (revised down from a previous growth of 0.8%) in October 2022.

Despite the mixed economic performance, these numbers show that the UK economy showing signs of growth.

Darren Morgan, Director of Economic Statistics at the ONS, said:

“The economy grew a little in November with increases in telecommunications and computer programming helping to push the economy forward. Pubs and bars also did well as people went out to watch World Cup games.”

“This was partially offset by further falls in some manufacturing industries, including the often-erratic pharmaceutical industry, as well as falls in transport and postal, partially due to the impact of strikes.”

“Over the last three months, however, the economy still shrank – mainly due to the impact of the extra Bank Holiday for the Funeral of Her Majesty Queen Elizabeth in September.”

TUC General Secretary Paul Nowak said:

“People’s living standards have already plummeted and now falling GDP is putting jobs and businesses at risk.”

“But there is little sign that Rishi Sunak’s government has any kind of plan to get our economy quickly back to growth.”

“We urgently need workers to have more spending power to help the UK bounce back from decline.”

“But instead, ministers are going all out to hold down pay. That’s only going to make a bad situation worse and keep us in a doom loop.”

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