UK economy returns to growth as GDP rises 0.5% in October

Britain’s economy returned to growth in October as activity bounced back from the impact of the additional bank holiday for the Queen’s funeral, however a long recession is still expected.

by | 12 Dec, 2022

The Office for National Statistics said gross domestic product (GDP) rose by 0.5% on the month, after a decline of 0.6% in September when many businesses closed their doors during the national mourning period.

Car sales rebounded after a poor month amid a wider recovery in the country’s dominant service sector, while there was strong growth in activity in the health sector amid a rise in GP appointments, A&E attendance and the Covid-19 autumn booster campaign.

Construction continued a strong run, driven up by housebuilding, while manufacturing output grew.

However, GDP shrank by 0.3% in the three months to October, reflecting concerns over the strength of the economy as consumers and businesses tightened their belts amid the highest rates of inflation for 41 years.

Read more at The Guardian

Share This