Business

Economy just about returns to growth after two months of contraction

The UK economy just about returned to growth in November after two months of contraction, the latest official figures show.

Gross domestic product (GDP), the standard measure of an economy’s value and everything it produces, grew by 0.1%, according to data from the Office for National Statistics.

It was expected to grow by 0.2%.

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It is mixed news for the government, which has made economic growth its top priority.

 

Despite this political focus, the economy shrank by 0.1% in both October and September. Latest quarterly data showed there was no economic growth in the three months from July to September.

The ONS described the economy as “broadly flat” and the rise as the economy growing “slightly”.

More on Uk Economy

Chancellor Rachel Reeves said: “I am determined to go further and faster to kickstart economic growth, which is the number one priority in our plan for change.

“That means generating investment, driving reform and a relentless commitment to root out waste in public spending, and today I will be pressing regulators on what more they can do to deliver growth.

“After fourteen years of economic stagnation, this government’s number one mission is to grow our economy. I will fight every day to deliver that growth and put more money into working people’s pockets.”

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