The British economy almost returned to growth in November after two months of contraction, according to the latest official figures.
Gross domestic product (GDP), the standard measure of the value of an economy and everything it produces, increased by 0.1%, according to data from the Office for National Statistics.
Growth of 0.2% was forecast.
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This is mixed news for the government, which has made economic growth its top priority.
Despite this political orientation, the economy contracted by 0.1% in October And September. The latest quarterly data showed that there was no economic growth in the three months from July to September.
The ONS described the economy as “broadly stable” and the rise as “slight” growth.
Which sectors of the economy are growing and which are not?
Pubs, restaurants and IT companies are doing well, said Liz McKeown, director of economic statistics at the ONS.
New business developments have led to growth in the construction sector, Ms McKeown added.
The services sector saw “slight” growth, but this was partially offset by the accounting and business rental and leasing sector.
Manufacturing companies and oil and gas extractors also contributed to the decline in the growth rate.
Why is this important?
The government has indexed many of its spending and investment plans to economic growth. It needs growth to meet its policy commitments and spending commitments.
But the economy is no bigger today than it was when the government took office in July.
Prices are expected to rise in April when water and electricity bills rise again and employer taxes rise, meaning inflation is expected to rise.
With increased cost pressure on consumers, there are fears that growth could be even more illusory than it currently is. A period of stagflation is then to be feared.
Responding to the figures, the Chancellor Rachel Reeves said: “I am determined to go further and faster to revive economic growth, which is the number one priority of our plan for change.
“This means generating investment, carrying out reforms and a relentless commitment to eliminating waste in public spending. Today I’m going to put pressure on regulators to ask them what more they can do to generate growth.
“After fourteen years of economic stagnation, this government’s number one mission is to grow our economy. I will fight every day to ensure this growth and put more money in the pockets of workers.”