UK economic growth slows sharply in October

Growth slows to 0.1%

The UK economy grew by 0.1% in October, falling from 0.6% growth the month before, according to figures from the Office for National Statistics.

The GDP figure was lower than expected and the ONS highlighted a fall in construction due to higher costs and supply chain issues even before Omicron. Production and construction output were both down in the month at 0.6% and 1.8% lower respectively. UK economy set for prolonged stagnation and 'widening' inequalities Services output overall has returned to pre-pandemic levels aside from consumer-facing services which are still significantly below, 5.2% lower than February 2020. Restaurants also saw a substantial decline after a strong summer, with a 7.5% decline in food and ...