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The Bank of England in the City of London on November 6, 2024 in London, UK. The City of London is a ceremonial county and local government district that includes the main central business district of London. The City of London is widely spread, as the City is also known as the Square Mile. (Photo by Mike Kemp/In Pictures via Getty Images)
Mike Kemp | In the pictures | Getty Images
The UK economy contracted unexpectedly in October, according to data from Britain’s Office for National Statistics (ONS).
The Gross Domestic Product decreased by 0.1% in the month, according to the ONS he said On Friday, officials attributed the decline to a decline in manufacturing output. Economists polled by the Reuters news agency had forecast a 0.1% rise in GDP in October.
It was the country’s second economic recession in a row, following a 0.1% drop in GDP in September.
The ONS has calculated that real GDP grew by 0.1% in the three months of October, compared to the previous three months that ended in July.
Sterling fell on the back of the disappointing print, trading 0.3% lower against the US dollar at $1.2627 by 7.45am in London.
In a statement on Friday, UK Finance Minister Rachel Reeves admitted the October data was “disappointing”, but the government defended it. divisive economic strategies.
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