Industrial output saw a significant increase, driven by the resumption of production at Jaguar Land Rover's facilities following a cyber-attack that had previously disrupted operations. The services sector also experienced growth, with activities such as accounting and tax consultancy contributing to the overall expansion in November, coinciding with the anticipation surrounding the Budget on November 26th.
The ONS noted that businesses across construction, industrial production, and services sectors indicated a cautious approach in November, awaiting the outcome of the autumn Budget before committing to major decisions. While the monthly GDP figures offer a snapshot of economic activity, the ONS emphasizes that the rolling three-month data provides a more stable and representative view of underlying growth. In the three months leading up to November, the UK economy grew by 0.1% compared to the preceding three-month period.
Yael Selfin, chief economist at KPMG UK, commented that the figures indicated a degree of resilience in economic activity, despite ongoing uncertainties. The 0.3% growth in November offers a positive signal, though economists caution against over-interpreting single-month data.
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