The UK economy unexpectedly contracted in October, driven by falls in every sector and fuelling concerns that high interest rates could push the country into a downturn.

Gross domestic product fell 0.3 per cent between September and October, data published by the Office for National Statistics showed on Wednesday.

Economists had expected no change in GDP after a 0.2 per cent expansion the previous month. Services output fell by 0.2 per cent in October, driven by a fall in information and communication, and was the main contributor to the decline in GDP.

Production and construction also fell sharply, by 0.8 per cent and 0.5 per cent, respectively. The data comes ahead of Thursday’s Bank of England decision on monetary policy. The central bank is expected to keep interest rates unchanged at a 15-year high of 5.25 per cent.

This is a developing story

  • ExotiqueMatter@lemmygrad.ml
    6·
    1 year ago

    Nooo! The economy isn’t crashing! This is unexpected! A fluke! It can’t be helped! You can’t predict crises, that’s just how it is!

  • DamarcusArt@lemmygrad.ml
    41·
    1 year ago

    “It’s just getting colder this time of year! A lot of men’s economies shrink this time of year, it’s nothing to be ashamed of!”