UK’s GDP contracted by -0.3% mom in October, a figure that is notably worse than the expected -0.1% mom. The primary factor contributing to this downturn was the decline in services output, which fell by -0.2% mom. Additionally, production output experienced a sharper drop of -0.8% mom, and construction output also saw a contraction of -0.5% mom.
When examining the three-month period leading up to October, UK’s real GDP showed no growth compared with the three months leading to July. During this quarter, while services output saw a marginal growth of 0.1%, both production and construction outputs declined, falling by -0.7% and -0.3%, respectively.
