0.3% contraction in UK GDP in October

0.3% contraction in UK GDP in October

he United Kingdom GDP The economy suffered a 0.3% contraction in October, contrasting with the 0.2% growth recorded in September and analysts’ expectations of a recession, according to data from the Office for National Statistics (ONS). This decline in GDP raises questions about the country’s current economic situation and its potential long-term effects.

Compared to October last year, Europe’s second-largest economy grew by 0.3%, much lower than the 1.3% expansion between September 2022 and September 2023. During October, services fell by 0.2%. % per month, especially due to the decline in GDP. Information and communications sector, after growing by 0.2% in September. For its part, production witnessed a contraction of 0.8% in October, after stagnating in September. The construction sector was also affected, recording a 0.5% decline in October, after seeing 0.4% growth in September 2023.

This data reveals that UK GDP between August and October will remain stagnant compared to the previous three months until July 2023. In this quarter, services activity grew by 0.1%, production saw a 0.7% decline, and construction suffered a 0.3% decline. %. This situation raises concerns about the future of the UK economy and the challenges that may arise in the coming months.

In summary, the UK’s GDP contraction of 0.3% in October created uncertainty about the current economic situation and its potential repercussions. The services, production and construction sectors were the most affected by this decline. It is necessary to closely monitor the development of the British economy and the measures taken to stimulate its growth in the coming months.

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