UK Economy Unexpectedly Expands In November
13 Januar 2023 - 06:12AM
RTTF2
The UK economy unexpectedly expanded in November as the FIFA
World Cup boosted sales of food and beverages, data from the Office
for National Statistics revealed Friday.
Gross domestic product grew 0.1 percent on a monthly basis in
November, confounding expectations for a fall of 0.2 percent.
Nonetheless, the pace of growth eased sharply from 0.5 percent in
October.
GDP is still 0.3 percent below its pre-coronavirus levels.
Moreover, in the three months to November, GDP shrank 0.3 percent
from the previous three months.
On a yearly basis, the economy expanded only 0.2 percent in
November after October's annual growth of 1.1 percent.
"Today's GDP figures for November provide further evidence that
UK economic growth is heading in the wrong direction, despite this
period normally being among the busiest for the retail sector,"
said David Bharier, head of research at the British Chambers of
Commerce. Services output grew 0.2 percent after expanding a
revised 0.7 percent in October. Meanwhile, industrial production
slid 0.2 percent, reversing a revised fall of 0.1 percent in the
previous month. Industrial output was expected to ease 0.3
percent.
Manufacturing output was the main driver of negative production
growth in November, falling 0.5 percent, which was bigger than
economists' forecast of -0.2 percent. This has partially offset the
2.8 percent increase in mining and quarrying.
At the same time, the construction sector remained flat after
growth of 0.4 percent a month ago.
The visible trade gap of the UK widened to a three-month high of
GBP 15.62 billion in November from GBP 12.25 billion in October.
The deficit was bigger than economists' forecast of -GBP 14.9
billion.
The value of goods imports increased GBP 1.8 billion or 3.5
percent in November and the value of exports rose slightly by GBP
0.2 billion or 0.7 percent.
Euro vs Yen (FX:EURJPY)
Forex Chart
Von Nov 2023 bis Dez 2023
Euro vs Yen (FX:EURJPY)
Forex Chart
Von Dez 2022 bis Dez 2023