The UK economy grew in October, beating market expectations | Bot To News


(Alliance News) – The UK economy grew in October, with the national economy estimated to be 0.4% larger than its pre-pandemic size, according to Monday’s figures from the Office for National Statistics.

Monthly real gross domestic product is expected to increase by 0.5% in October compared to the previous month, after having decreased by 0.6% in September compared to August. The market consensus, as cited by FXStreet, expected the UK economy to contract by 0.1% in October.

The services sector grew by 0.6% in October compared to September and was the main driver of GDP growth, according to the ONS.

Industrial production was unchanged in October, while construction grew by 0.8%, the fourth consecutive increase.

On a quarterly basis, GDP fell by 0.3%. In October, GDP was 1.5% higher compared to the same month last year.

Total merchandise imports fell by £1.4 billion, or 2.6%, in October compared to the previous month due to lower imports from non-EU countries. Total merchandise exports fell by £700 million or 2.2%, with exports to EU and non-EU countries falling.

By Heather Rydings, senior economics reporter for Alliance News

Comments and questions to newsroom@alliancenews.com

Copyright 2022 Alliance News Ltd. All rights reserved.



Source link