Market news

10 December 2019

UK economy showed no growth in October

According to the report from Office for National Statistics, monthly gross domestic product (GDP) growth was 0.0% in October 2019, with growth in services and production offset by a notable fall in construction, which had its lowest level of output since January 2018. Economists had expected a 0.1% increase.

Rolling three-month GDP showed no growth in October 2019 after growth of 0.3% in Quarter 3 2019. The services sector was the only positive contributor to gross domestic product (GDP) growth in the three months to October 2019, growing by 0.2%. Output in both the production and construction sectors contracted, by 0.7% and 0.3%, respectively. The weakness seen in construction was predominantly driven by a fall of 2.3% in October.

Commenting on today’s GDP figures for the 3 months to October, an ONS Spokesperson said: “The UK economy saw no growth in the latest three months. There were increases across the services sector, offset by falls in manufacturing with factories continuing the weak performance seen since April. Construction also declined across the last three months with a notable drop in house building and infrastructure in October.”

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