IoD press release November GDP data paints a prettier picture of the economy than expected
Commenting on ONS data that showed monthly GDP rising by 0.3% in November 2023, following a fall of 0.3% in October 2023, Dr. Roger Barker, Director of Policy at the Institute of Directors, said:
“Although monthly GDP figures can be volatile, it was reassuring to see that GDP grew in November. However, over a longer time horizon, the economy is not going anywhere. November’s increase merely clawed back the ground lost in October. We will still need to wait for December’s GDP figure to find out if the UK avoided a technical recession in 2023.
“Services output drove the uptick in November, with the retail trade doing particularly well. This was consistent with the picture presented by the latest retail sales figures and recent announcements from major retailers. Black Friday may have helped, along with a lull in the intensity of industrial action during that month. On the downside, adverse weather conditions – particularly strong wind and rain – led to delay across many building projects. This exerted a drag on output in the construction sector.”