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The UK economy grew by more than expected in November, according to new figures, boosting hopes of avoiding a recession.
Gross domestic product (GDP) rose by 0.3 per cent in November, after declining by 0.3 per cent in October, according to the Office for National Statistics (ONS), as the prospect of the country entering a recession at the end of the year hangs in the balance.
Economists had been expecting GDP to rise by 0.2 per cent.
The uplift was driven by the services sector, which rose by 0.4 per cent during the month, and was the biggest contributor to economic growth.
The ONS’s chief executive Grant Fitzner said: “The economy contracted a little over the three months to November, with widespread falls across manufacturing industries, which were partially offset by increases in public services, which saw less impact from strike action.
Chancellor of the Exchequer Jeremy Hunt described the growth in November as ‘welcome’
(PA Wire)
“GDP bounced back in the month of November, however, led by services with retail, car leasing and computer games companies all having a buoyant month.
“The longer-term picture remains one of an economy that has shown little growth over the last year.”
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 per cent 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.”
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