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MNI BRIEF: UK Economy Recovers Poise In Nov As GDP Grows 0.3%

(MNI) London

The UK economy recovered some poise in November, reversing the weakness seen in October, data released Friday by the Office for National Statistics showed, but still confirmed Bank of England forecasts of growth that is largely flatlining.

The economy rose 0.3% m/m, offsetting the 0.3% deline in the previous month. The service sector growth 0.4% m/m, helping drive the recovery. “GDP bounced back in November led by services with retail, car leasing and computer games companies all having a buoyant month," ONS chief economist Grant Fitzner said, but noted that "he economy still contracted a little over the three months to November".

If the economy flatlines in December, GDP will be flat at worst given no prior revisions, the ONS confirmed, although any negative print (including a negative zero) will see a GDP decline in Q4 and effectively leave the UK in a technical recession after the -0.1% GDP print in Q3.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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