UK economy unexpectedly grows in November

This news come as a slight surprised, as many expected the economy to contract in the final months of 2022.

The UK economy may have grown slightly by 0.1% in November but it shrank overall in the latest three-month period by 0.3%.

Between July and September - the third quarter of the year - the economy contracted by 0.3%. So, if the economy shrinks again in the October to December period, then it will be in recession.

However, the month of October saw 0.5% growth and now we’re looking at November’s 0.1% increase.

The services sector grew by 0.2% in November 2022, after growth of 0.7% (revised up from a growth 0.6% in the ONS’ previous publication) in October 2022; the largest contributions came from administrative and support service activities and information and communication.

Darren Morgan, ONS Director of Economic Statistics, said: “The economy grew a little in November, with increases in telecommunications and computer programming helping to push the economy forward.

“Pubs and bars also did well as people went out to watch World Cup games. This was partially offset by further falls in some manufacturing industries, including the often-erratic pharmaceutical industry, as well as falls in transport and postal, partially due to the impact of strikes.

“Over the last three months, however, the economy still shrank – mainly due to the impact of the extra bank holiday for the funeral of Her Majesty Queen Elizabeth in September.”