UK economy unexpectedly shrinks by 0.1% in October sparking 'cause for concern'

ONS data reveals

UK monthly real GDP fell by 0.1% in October, marking two consecutive months of declining production in a blow to Rachel Reeves’ plans for growth outlined in her Autumn Budget.

According to data from the Office for National Statistics today (13 December), monthly services output showed no growth in October, having also flatlined in September, but grew by 0.1% in the three months to October 2024.  Similarly, real GDP is estimated to have grown by 0.1% in the three months to October, led by increased output from the services and construction sectors during this period.  This came in stark contrast to market expectations, as CBI economists had forecast growth of 0.1% for the UK economy in October. BoE warns of rising sovereign debt impact on UK financial sta...