The UK economy shrank by 0.3 per cent in November, according to the latest official figures. Over the three months to November, growth came in at 0.1 per cent which was better than the 0.1 per cent contraction forecast by economists.
Manufacturing contracted by 0.8 per cent while the services sector, which makes up most of the economy grew 0.1 per cent, the Office for National Statistics said.
Sterling fell 0.5 per cent against the dollar on Monday, taking it below $1.30.
The ONS’ head of GDP Rob Kent-Smith said: “Overall, the economy grew slightly in the latest three months, with growth in construction pulled back by weakening services and another lacklustre performance from manufacturing.
“The UK economy grew slightly more strongly in September and October than was previously estimated, with later data painting a healthier picture.
“Long term, the economy continues to slow, with growth in the economy compared with the same time last year at its lowest since the spring of 2012.
“The underlying trade deficit narrowed as exports grew faster than imports.”
