United Kingdom: Economic activity ticks up in November but undershoots expectations
GDP reading: GDP expanded 0.1% month-on-month in seasonally adjusted terms in November (October: -0.1% mom), below market expectations of 0.2%. On a rolling quarterly basis, GDP was flat in September–November, matching August–October’s reading. This data is part of a broader economic picture of economic stagnation in the UK that has been going on for some years; in per capita terms, real wages averaged barely above their 2008 levels in 2024 as a whole.
Drivers: In November, the services and construction sectors expanded, partially outweighed by contractions in manufacturing and mining.