UK GDP Expands At Weaker Pace In October

The UK economy expanded at a weaker pace in October, data from the Office for National Statistics said on Friday.

Gross domestic product grew only 0.1 percent from September, when the economy expanded 0.6 percent. This was also much slower than the 0.4 percent expansion expected by economists.

In the three months to October, GDP advanced 0.9 percent, mainly reflecting the strong performance of the services sector in September.

In October, services output climbed 0.4 percent and has reached its pre-coronavirus (COVID-19) pandemic level.

Meanwhile, production output contracted unexpectedly by 0.6 percent, with water supply the only sector showing growth. Economists had forecast a marginal growth of 0.1 percent. Manufacturing remained flat in October, in line with expectations.

Construction output shrank 1.8 percent in October, following an increase of 1.3 percent in September. This was the largest fall seen in construction since April 2020.

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