UK economy unexpectedly grows by 0.1% in November – what it means for your finances

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File photo dated 26/01/18 of British one pound coins. The UK's economic growth is expected to be slower than first thought this year and will stagnate in 2023, experts at the Organisation for Economic Co-operation and Development (OECD) have warned. Issue date: Wednesday June 8, 2022. PA Photo. The international organisation projects that UK GDP will grow by 3.64% this year. In December it had forecast 4.75% growth. See PA story ECONOMY GDP. Photo credit should read: Dominic Lipinski/PA Wire

THE UK economy grew by 0.1% in the month to November, new figures reveal.

However The Office for National Statistics (ONS) said that in the three months to November, gross domestic product (GDP) fell by 0.3%.

The UK economy grew by 0.1% in November

GDP measures the value of goods and services produced in the UK.

It also estimates the size of and growth in the economy.

The ONS recorded a slowdown in growth after a 0.5% increase in the previous month.

ONS director of economic statistics Darren Morgan said the economy grew a little in November, with pubs and bars doing well as football fans went out to watch World Cup games.

But he added the economy is still struggling.

He said: “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.”

Analysts had predicted the economy would shrink by 0.3% for November.

The services sector grew by 0.2% in November 2022 and was the main driver of the growth in GDP. 

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