UK GDP dropped -2.6% mom in November, better than expectation of -4.0% mom. That’s the first decline since six consecutive monthly increases. GDP was back to -8.5% below the levels seen in pre-pandemic February. Also, GDP dropped -8.9% in the 12 months to November, comparing with the annual decline of -6.8% to October.
Services was the main drag on growth, down -3.4% mom due to restrictions. Services was -9.9% below February’s level. Production dropped -0.1% mom, at -4.7% below February’s level. Construction rose 1.9% mom, at 0.6% above February’s level.
Also release, goods trade deficit widened to GBP -16.0B in November, versus expectation of GBP -11.1B.
