UK GDP grows 0.3% in November but fails to alleviate 'precarious' economic situation

Still above expectations

UK GDP grew 0.3% in November 2023, according to the data from the Office for National Statistics, but it has not staved off concerns that the UK is in a tenuous economic state.

The UK services sector provided the majority of the growth for the month, with services output up 0.4%, following a 0.1% fall the previous month. Production output also reversed its contraction in October and grew by 0.3% in November. UK Treasury plans reforms to manage small bank failures after SVB collapse Economists had forecast 0.2% growth for the period, putting the data above expectations. The overall GDP growth was a reverse of the 0.3% contraction seen in October, making UK growth flat over the two consecutive periods. Richard Carter, head of fixed interest research a...