UK economy rebounded in November: official data | Inquirer Business

UK economy rebounded in November: official data

/ 06:11 PM January 12, 2024

LONDON, United Kingdom  —Britain’s recession-threatened economy rebounded in November from the previous month, official data showed on Friday.

Gross domestic product expanded 0.3 percent in November after contracting by 0.3 percent in October, the Office for National Statistics said in a statement.

“GDP bounced back…, led by services with retail, car leasing and computer games companies all having a buoyant month,” noted ONS chief economist Grant Fitzner.


READ: UK businesses grow for first time in three months, but high rates weigh


“The longer-term picture remains one of an economy that has shown little growth over the last year,” he added in the release.

Separate recent data showed Britain’s economy shrank in the third quarter of last year, raising fears of a recession before UK elections expected in 2024.

READ: UK recession might be under way after economy shrinks in Q3

Recession is defined as two straight quarters of negative economic growth.

“The 0.3-percent… rebound in real GDP in November probably means the economy escaped a recession in 2023,” noted Ruth Gregory, deputy chief UK economist at Capital Economics research group.

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TAGS: economic growth, recession fears, UK

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