UK economy shrinks 0.3% in October as third quarter growth remains flat

Economy weaker than forecast

clock • 2 min read

UK GDP shrank 0.3% in October, driven by a 0.2% decline in services, leaving the third quarter with flat growth.

This decline has left GDP just 0.3% larger than it was in October 2022, the Office for National Statistics said today (13 December). Economists had anticipated there would be no change in GDP following a 0.2% growth in the prior month. Services output was the main contributor to the fall in GDP throughout the month, due to its large size in the economy, while production output fell 0.8% and the construction sector fell 0.5%. CBI forecasts no Bank of England rate cuts until at least 2026 Within the services sector, information and communication was the largest contributor to the fal...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot