UK economy sees ‘lacklustre’ performance from manufacturing from three months to November 2019
Figures released today by the ONS have shown the UK GDP grew by 0.1 per cent in the three months to November 2019.
According to the ONS, the economy grew slightly in the last three months, but is still slowing in the long-term.
Production and manufacturing fell by 0.6 per cent in the three-month period, with manufacturing alone falling by 0.8 per cent.
There were widespread falls across manufacturing industries, with the most notable being a 6.2 per cent fall.
Rob Kent-Smith, Head of GDP at the Office for National Statistics, 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 to the same time last year at its lowest since the spring of 2012.”
Seamus Nevin, Chief Economist at Make UK, said: “Manufacturing output fell 1.7 per cent in November, partly reflecting car factories shutting down again to avoid disruptions in the run-up to the then postponed October 31st Brexit deadline, combined with lower demand from overseas customers nervous that the UK would crash out of the EU without a deal.”
“That scenario has now been avoided and the election has provided some clarity for business and customers on what to expect over the next few months.”
“That should help some firms to start investing again but it will take time for activities to get back to normal. Today’s news will add to business calls to cut borrowing costs and for some fiscal stimulus to get the ball rolling.”