UK GDP dropped -0.3% mom in November, well below expectation of 0.0% mom. Services dropped -0.3% mom. Production dropped -1.2% mom, manufacturing dropped -1.7% mom. Construction and agriculture rose 1.9% mom and 0.1% mom respectively.
In the three months to November, GDP grew only 0.1% 3mo3m. Services grew 0.1% 3mo3m, contributing 0.08% to the rolling three months GDP growth. Production contracted -0.6% 3mo3m, contributing -0.08% fall in GDP growth. Construction rose 1.1% 3mo3m, contributing 0.07% to GDP growth.
Head of GDP Rob Kent-Smith said: “Overall, the economy grew slightly in the latest three months, with growth in construction pulled back by weakening services and another lacklustre performance from manufacturing. The UK economy grew slightly more strongly in September and October than was previously estimated, with later data painting a healthier picture. Long term, the economy continues to slow, with growth in the economy compared with the same time last year at its lowest since the spring of 2012. The underlying trade deficit narrowed as exports grew faster than imports.”
Also released from UK, industrial production dropped -1.2% mom, -1.6% yoy in November, below expectation of -0.2% mom, -1.4% yoy. Manufacturing production dropped -1.2% mom, -2.0% yoy, below expectation of -0.2% mom, -1.6% yoy. Goods trade deficit narrowed to GBP -5.3B in November versus expectation of -11.8b.
