Surprising UK Economic Growth Eases Recession Fears!

thecekodok

 The latest figures, published at the opening of the European session, brought some relief to the UK which is feared to be entering a deep recession this year.


Most recently, the Office for National Statistics (ONS) reported on Friday that gross domestic product (GDP) rose 0.1% in November.


Although down from October's 0.5% growth, the figure was better than expectations that predicted a 0.2% contraction.


In addition, in the three months to November, the economy shrank by 0.3% in line with market expectations.



The 0.6% fall in September affected growth figures for the third quarter when many businesses closed for the funeral of Queen Elizabeth II.


The expansion recorded in November, reduced the risk that the UK economy is in a deep recession.


The Bank of England (BOE) previously predicted the economy would fall into a prolonged recession until 2024.


Initial trading reactions to the pound following the release of this data showed the currency trading slightly higher at around 1.2200 against a weak US dollar.

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