Data shows UK GDP shrank in November
The UK’s GDP fell by 0.3% during November as political uncertainty continued to take its toll on the economy, according to the latest data from the Office for National Statistics (ONS).
The November figures represent a slowdown from annual growth of 1.0% in October. After that month’s growth pace was revised up.
The ONS figures show that the economy was 0.6% larger in November last year than in November 2018. According to the data, manufacturing output fell by 1.7% during the month, while the services sector shrank by 0.3%.
Commenting on the figures, Rob Kent-Smith, Head of GDP at the ONS, said: ‘Overall, the economy grew slightly in the latest three months. With growth in construction pulled back by weakening services and another lacklustre performance from manufacturing.
‘The UK economy grew slightly more strongly in September and October than was previously estimated. With later data painting a healthier picture.’
Following the announcement, the value of the pound fell. More so, as speculation grew that the Bank of England could cut interest rates at its next meeting on 30 January.