Over the three months leading up to November, GDP showed a contraction of 0.2%, indicating a deceleration in growth compared to the unrevised 0.4% increase in the third quarter of 2023 (July to September), reported in the Quarterly National Accounts also released today.

Output in the services sector, which accounts for around three quarters of the economy, grew by 0.4% in November. Output in the production sector is estimated to have contracted by 3.1% in November, with the largest contribution to overall GDP coming from contraction in the output of electricity and gas supply.