UK economy rebounds in Nov

The UK economy rebounded in November as monthly GDP increased 0.3% off the back on a 0.3% fall in October, according to the latest data from the Office for National Statistics (ONS).

The ONS said services output jumped 0.4% in November 2023 and was the main contributor to the monthly growth in GDP.

Wholesale and retail trade; repair of motor vehicles and motorcycles grew by 0.5% in November 2023 following 0.2% growth in October 2023. This was mainly attributed to 1.3% growth in retail trade, excluding motor vehicles and motor cycles.

The growth in November 2023 for consumer-facing services follows four consecutive monthly falls. Looking more broadly, consumer facing services fell by 1.0% in the three months to November compared with the three months to August.

The largest contribution to the fall over this period were falls of 2.1% in food and beverage service activities and 8.4% in travel agency, tour operator and other reservation service and related activities.

ONS Chief Economist 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.

“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.”