UK economy just about returns to growth after two months of contraction
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”.
What parts of the economy are growing?
Doing well are pubs, restaurants and IT companies, said the ONS’s director of economic statistics Liz McKeown.
New commercial developments meant there was growth in the construction industry, Ms McKeown added.
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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