UK GDP Growth Accelerates In November

The UK economy expanded at a faster pace in November underpinned by services activity, data from the Office for National Statistics showed on Friday.

Gross domestic product grew 0.9 percent month-on-month in November, faster than the revised 0.2 percent expansion registered in October and the economists’ forecast of 0.4 percent.

GDP was estimated to be above its pre-coronavirus pandemic level for the first time, by 0.7 percent.

In November, there was an increase in output in all sectors, with services output the main driver of GDP growth. Services output grew by 0.7 percent.

Production output increased 1.0 percent from last month. This followed two consecutive months of negative growth, with a fall of 0.5 percent in October and a decrease of 0.7 percent in September.

Manufacturing was the largest contributor to production growth in November, increasing by 1.1 percent. At the same time, construction output grew 3.5 percent, following a fall of 1.7 percent in October.

In a separate communiqué, the ONS said the visible trade deficit declined to GBP 11.34 billion in November from GBP 11.81 billion in October. In November, exports grew 8.5 percent and imports climbed 4.9 percent.

The surplus on services trade totaled GBP 11.96 billion, largely unchanged from the previous month. Consequently, the total trade surplus increased moderately to GBP 626 million from GBP 151 million a month ago.

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