The British economy grew by 0.1% month-on-month in November 2024, rebounding from a 0.1% contraction in both October and September, but falling short of the expected 0.2% increase.
UK economic growth disappoints
The services sector was the main driver of growth (+0.1%), boosted by accommodation and food services (+2%), computer programming and consultancy (+1%), and telecommunications (+1.2%). However, administrative and support services declined by 1.2%, with rental and leasing activities falling by 2.4%. The construction sector also recorded growth (+0.4%). On the other hand, the production sector shrank by 0.4%, dragged down by a 0.3% drop in manufacturing, particularly in manufacturing and repair (-2.1%) and the production of basic pharmaceutical products and preparations (-1.9%).
Additional declines
Additional declines were observed in mining and quarrying (-1.5%) and water supply, sewerage, waste management, and remediation activities (-0.3%). Over the three months to November, GDP showed no growth compared to the prior period.
