UK economy grew 0.1% in November
A strong performance by UK services saw GDP grow by 0.1% between October and November 2022. A Reuters poll of economists had forecast a 0.2% contraction.
Services grew by 0.4%, offset by a contraction of 0.3% in manufacturing and the effect of strikes. Business Money editor, Robert Lefroy, commented: “this is encouraging and once our motor industry re-establishes some certainty in its parts supply chain, just look on the internet at the present delivery times for new cars, I am confident that this sector will resume its contribution.
The UK economy is 79% driven by services which have taken a vicious battering from energy, interest cost hikes, labour shortages and the heavy fisted socialism of Jeremy Hunt’s smothering measures. Our SME sector has demonstrated, time and again, its capacity to rise to economic challenges. I have long given up taking too much notice of economists, astrologers and weather forecasters.”