Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
UK GDP surprised to the upside in November, with the monthly growth at 0.1% m/m, beating expectations of a decline of 0.3%, the Office for National Statistics said Friday. Following on from the 0.5% gain in October, that leaves GDP in a better position than feared and a decline of 0.3% would be needed in December for a flat quarterly reading.
“The economy grew a little in November with increases in telecommunications and computer programming helping to push the economy forward. Pubs and bars also did well as people went out to watch World Cup games," ONS Director of Economic Statistics Darren Morgan said.
However, due to the rounding effect on data, the ONS said a decline of 0.5% m/m will be needed in December to drive the quarterly data into negative territory and confirm that the UK is in a technical recession. Much may depend on how severely a bout of bad weather and industrial disputes impacted the economy in the weeks before the Christmas holiday.
The data will make difficult reading for the Bank of England, who forecast a steeper decline in GDP in Q4, and will see the latest data as unlikely to ease pressure on the labour market.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.