By Mucahithan Avcioglu
ISTANBUL (AA) - The British economy grew 1.4% year-on-year in November, surpassing market expectations, according to official data released on Thursday.
The figure exceeded forecasts of 1.1% growth and followed a 1.1% expansion in October, data from the Office for National Statistics (ONS) showed.
On a monthly basis, gross domestic product (GDP) increased 0.3% in November, beating expectations of a 0.1% rise and rebounding from a 0.1% contraction recorded in October.
Production output rose 1.1% month-on-month in November, while services output increased 0.3%. Construction output, however, declined by 1.3% over the same period.
“Real gross domestic product (GDP) grew by 0.1% in the three months to November, after showing no growth in the three months to October,” the ONS said, noting that the October figure was revised up from a previously reported 0.1% contraction.
In the three months to November, services output increased by 0.2%, while production output fell 0.1%. Construction output also declined, dropping 1.1% over the same period.
- Industrial production continues to grow
British industrial production maintained its upward trend in November, rising 1.1% on a monthly basis.
The increase followed a 1.3% rise in October and exceeded market estimates.
Manufacturing was the largest contributor to the monthly growth, expanding by 2.1%, with the manufacture of transport equipment surging 10.7%, the data showed.