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UK economic system bounces again with 0.3% development

The UK’s economic system bounced again in November after shrinking in the course of the earlier month, in accordance with official figures printed this morning.

The info confirmed that the economic system grew by 0.3% within the month, which was stronger than anticipated and got here after a contraction in October.

The Workplace for Nationwide Statistics stated the rebound was led by the providers sector, with areas reminiscent of retail boosted by Black Friday gross sales. Nevertheless, the long-term image was “one in all an economic system that has proven little development over the past yr,” it stated.

Figures launched final yr confirmed the UK was liable to falling right into a recession after the economic system shrank between July and September.

Whereas the month-to-month development determine was stronger than anticipated, the ONS figures additionally confirmed that within the three months to November, the economic system shrank by 0.2%.

Economists predict it will likely be a detailed name as as to whether the UK can keep away from a recession.

Ruth Gregory, deputy chief UK economist at Capital Economics, stated November’s rebound “in all probability means the economic system escaped a recession in 2023”, however expects zero development for the ultimate three months of the yr.

Derek Mackenzie, CEO at Investigo, a part of The IN Group, stated: “With companies battling robust buying and selling circumstances and excessive rates of interest, getting the fitting expertise in place to drive development this yr will probably be a prime precedence for boardrooms throughout the nation.  Far too many organisations are nonetheless working with out sturdy digital expertise pipelines in place, which means they may miss out on the seismic office adjustments which is able to inevitably happen on account of elevated adoption of AI and different key applied sciences.”