UK economy sees 0.1 percent expansion in November last year
Date
1/16/2025 6:55:13 AM
(MENAFN) The UK Economy experienced a modest expansion of 0.1 percent in November 2024 compared to the previous month, according to the Office for National Statistics (ONS). This slight growth was attributed to an increase in services activity, following an unrevised decline of 0.1 percent in October 2024. Despite the overall positive trend, there were mixed performances across different sectors of the economy.
Production output saw a decline of 0.4 percent in November, while the construction sector recorded a 0.4 percent increase in output during the same period. These variations highlight the uneven recovery among sectors as the UK economy continues to adapt to changing conditions. The ONS report underscored the continued challenges facing industrial production, juxtaposed with modest growth in construction activity.
In terms of foreign trade, the ONS revealed a 0.6 percent decrease in imports on a monthly basis, amounting to £47.2 billion (USD57.6 billion). Exports, on the other hand, rose by 0.8 percent to £28.6 billion (USD34.9 billion). This left the UK with a foreign trade deficit of £18.6 billion (USD22.7 billion) in November. The figures reflect ongoing efforts to improve the trade balance through increased export activity.
Trade with the European Union showed declines on both sides. The UK's exports to the EU dropped by 1.3 percent, while imports from the 27-member bloc fell by 1.2 percent in November. These changes point to continued adjustments in trade dynamics post-Brexit, as the UK navigates new economic relationships with its key trading partners.
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