UK’s economy took an unexpected downturn in October, the Office for National Statistics (ONS) revealed. The Gross Domestic Product (GDP) saw a decrease of approximately 0.1% on a month-on-month basis – a condition ascribed primarily to a decrease in the nation’s production output. This data stood in stark contrast to economists’ projections in a Reuters poll, who speculated a 0.1% GDP growth for October.
The October downturn followed a similar trend in September, marking the second consecutive instance of economic decline, given a 0.1% contraction in GDP was recorded then. Nevertheless, the real GDP in the three months leading up to October, in comparison to the preceding three months ending July, demonstrated an estimated growth of 0.1%, according to ONS.
UK Finance Minister, Rachel Reeves, acknowledged the disappointing nature of the October statistics, but reiterated the government’s commitment to its economic strategies.
