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Free AccessNov GDP Plunges, Raising Prospect of Q4.....>
UK DATA: Nov GDP Plunges, Raising Prospect of Q4 Stagnation
-UK Nov GDP -0.3% m/m vs upwardly-revised +0.l% in October
-UK Nov GDP +0.1% 3m/3m vs +0.2% in Oct
-UK Nov GDP +0.6% y/y vs +1.0%r Oct, lowest since June 2012
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UK GDP fell sharply in November, falling well short of expectations,
suggesting that Q4 growth will fail to meet the Bank of England forecast
in Q4. Output must rise by more than 0.1% in December to leave GDP
unchanged between Q3 and Q4. The dominant service sector contracted
by 0.3% between November and December, shaving 0.25pp from total growth.
Manufacturing slumped by 1.7%, leaving the construction sector to do all
the heavy lifting in December. A 1.9% rebound in construction added
0.11pp to total growth. December retail sales data due on Friday should
provide a sense of consumer sentiment toward year end, and another weak
showing could force a downgrade of forecasts to Q4 growth.
To read the full story
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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.