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.

UK PMI Services was finalized at 13.4 in April, down from March’s 34.6. The data indicated a contraction in the service sector activity on an unprecendented scale since survey started in July 1996. PMI Composite was finalized at 13.8, down from March’s 36.0. That’s by far the lowest recorded since the series began in 1998.

Tim Moore, Economics Director at IHS Markit: “Historical comparisons of the PMI with GDP indicate that the April survey reading is consistent with the economy falling at a quarterly rate of approximately 7%, but we expect the actual decline in GDP could be even greater, in part because the PMI excludes the vast majority of the self-employed and the retail sector.

“While output, new work and employment indices all hit all-time lows in April, survey respondents indicated a tentative upturn in their business expectations amid hopes that a gradual re-opening of the economy can be achieved in the summer. However, service providers looking to re-establish business operations overwhelmingly commented that capacity would remain well below previous levels for an extended period and any timings remain highly uncertain.”

Full release here.