The UK economy grew by slightly more than expected in November last year, according to fresh figures from the Office for National Statistics (ONS) on Friday.
UK gross domestic product (GDP) grew 0.3% on a monthly basis in November, the ONS said, having contracted by 0.3% in October. The market had been expecting 0.2% growth, according to FXStreet-cited consensus.
The ONS explained that growth in services was the main contributor to the monthly growth in GDP. Services output rose 0.4% in November, after a 0.1% contraction in October. Within services, the largest contributor was information & communication, which grew 1.5% after falling 0.9%.
Production output grew 0.3%, after falling 1.3%. Construction output fell 0.2%, after falling 0.4%.
Separately, the ONS also reported trade data for November.
Trade in goods and services deficit widened slightly by £400 million to £9.3 billion in the three months to November, but has been “broadly stable” over much of 2023, the ONS noted.
Total imports fell 1.1% to £219.9 billion, while exports fell 1.4% to £210.6 billion.
The UK’s long-discussed trade deficit widened by £300 million to £47.8 billion, while the trade in services surplus narrowed by £200 million to £38.5 billion.
Share prices in London climbed at Friday’s market open, with the stronger-than-expected UK economic growth print providing cheer amid rising tensions in the Middle East and Thursday’s hot US inflation data.
The FTSE 100 index opened up 58.08 points, 0.8%, at 7,634.67, while the FTSE 250 was up 178.66 points, 0.9%, at 19,286.59. The Alternative Investment Market All-Share was up 4.34 points, 0.6%, at 749.06.
By Elizabeth Winters, Alliance News deputy news editor
