Monthly GDP is estimated by the ONS to have grown by 0.1% in November 2022, which is slightly better than expected. Monthly GDP is now estimated to still be 0.3% below its pre-pandemic levels 3 years later. For the quarter GDP fell by 0.3% in the three months to November 2022. Unless there is a growth spurt the UK is likely to be officially in recession next month…

UPDATE: Sam Miley, Senior Economist at the Centre for Economics and Business Research, comments

“The UK economy unexpectedly grew in November, driven by an expansion in the services sector. Beneath the headline growth, there remains evidence of various headwinds impacting the economy, with a sharp monthly decline in manufacturing output being accompanied by a flatlining construction sector. Despite monthly growth in both October and November, a quarterly contraction in Q4 is still a possibility. In addition to continuing consumer and business pressures, the wave of industrial action witnessed at the end of 2022 will also have a downward effect on December’s GDP figures.”