UK Economic Growth Rebounds in November: According to official figures, the economy grew by 0.3% in November, after contracting in the previous month. The Office for National Statistics (ONS) attributed the rebound to a strong performance in the services sector, particularly in retail, which saw a boost from Black Friday sales. However, the ONS noted that the economy has shown little growth over the past year, and economists are concerned that the UK may be heading towards a downturn. A recession is typically defined as two consecutive quarters of economic contraction, and the UK economy will meet this criteria if it contracts between October and December.
Chief economist at the ONS, Grant Fitzner, told the BBC that November's rebound was driven by strong retail sales, as well as car leasing, computer games, and fewer strikes than in previous months. He also noted that many companies reported strong Black Friday sales, which had a positive impact on various sectors, including retail, warehousing, couriers, and manufacturing. While monthly growth was stronger than expected, the UK [+]
Chief economist at the ONS, Grant Fitzner, told the BBC that November's rebound was driven by strong retail sales, as well as car leasing, computer games, and fewer strikes than in previous months. He also noted that many companies reported strong Black Friday sales, which had a positive impact on various sectors, including retail, warehousing, couriers, and manufacturing. While monthly growth was stronger than expected, the UK [+]
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The economy grew by 0.3% in November, official figures show, after it shrank during the previous month. Discussion on: UK Economic Growth Rebounds In November
*that's incredible! According to the Office for National Statistics, the UK economy grew by 0.3% in November, after contracting during the previous month. This is a significant achievement, especially considering the fragile state of the economy in recent times. The services sector was the driving force behind this rebound, with strong retail sales, car leasing, computer games, and fewer strikes than in previous months all contributing to the growth.As Grant Fitzner, chief economist at the ONS, pointed out, the economy has shown little growth over the past year, and it's a close call as to whether the UK can avoid a downturn. A recession is typically defined as when the economy shrinks for two consecutive three-month periods, or quarters, in a row. If the economy contracts between October and December, the UK will meet this criteria.
Despite the monthly growth being stronger than expected, the UK economy is still in a fragile state, with the three-month period to November showing a contraction of 0.2%. To meet the government's pledge to grow the economy by the end of 2023 [+]
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