STORY: UK economy expands by 0.3 pct in November: ONS
SHOOTING TIME: file
DATELINE: Jan. 13, 2024
LENGTH: 00:01:23
LOCATION: London
CATEGORY: ECONOMY

SHOTLIST:
1. various of people shopping in London

STORYLINE:

The United Kingdom's (UK) economy expanded by 0.3 percent month-to-month in November 2023, following a fall of 0.3 percent in October, the Office for National Statistics (ONS) said on Friday.

Services output grew by 0.4 percent in the month and was the main contributor to the monthly growth, according to the ONS. Production output rose by 0.3 percent while the construction sector fell by 0.2 percent.

The country's gross domestic product (GDP) bounced back in November, led by services with retail, car leasing and computer games companies all having a buoyant month, ONS chief economist Grant Fitzner said.

In the three months to November, the country's GDP fell by 0.2 percent. Widespread falls were recorded across manufacturing industries, which were partially offset by the increases in public services, Fitzner added.

Revised data showed that the UK economy contracted by 0.1 percent in the three months from July to September. "If we get another quarter of negative growth, the UK will have ended 2023 in recession," Elizabeth Martins, a senior economist at HSBC, said.

Assuming the current profile is unrevised, growth needs to be at least zero percent month-to-month in December for the fourth quarter to come in flat, Martins added.

Xinhua News Agency correspondents reporting from London.
(XHTV)