GDP up 0.5% in October but outlook bleak

The UK economy bounced back in October with a 0.5% rise in GDP, but shrank over the third quarter as recession looms

Gross domestic product (GDP) rose 0.5% in October, following a contraction of 0.6% the month prior, the Office for National Statistics (ONS) said.

October’s partial recovery, which was slightly stronger than forecast, was mostly explained by the number of working days after the extra Bank Holiday in September for the Queen’s funeral.

Retail firms saw a 1.3% rise in output, pushing overall production higher, after falls of 1.7% in September and 1.6% in August, but consumer facing services were 8.9% below their pre-coronavirus levels.

Your free features:

  • Breaking news and expert analysis
  • Customisable daily newsletters
  • Six free CPD learning modules each year
  • Personalised CPD tracker
  • Top 75 Firms league tables
  • Regulatory changes
  • Hardman’s Tax Data

Sign up to Business & Accountancy Daily

Related Articles
Subscribe