UK economy returns to growth in October
The UK economy returned to growth in October following the period of national mourning after the death of the Queen, according to the latest figures from the Office for National Statistics (ONS).
UK GDP is estimated to have grown by 0.5% in October 2022, following a fall of 0.6% in September 2022.
Looking at the broader picture, GDP fell by 0.3% in the three months to October 2022 compared with the three months to July 2022.
The services sector grew by 0.6% in October 2022, after falling by 0.8% in September 2022; the largest contribution to the growth came from wholesale and retail trade; repair of motor vehicles and motorcycles, which rose by 1.9% in the month.
Output in consumer-facing services grew by 1.2% in October 2022, after falls of 1.7% in September 2022 and 1.6% in August 2022.
Meanwhile, production remained broadly flat in October 2022, after growth of 0.2% in September 2022; manufacturing was the only sub-sector to contribute positively to production in October 2022, offset by negative contributions from electricity, gas, steam and air conditioning supply, and water supply, sewerage, waste management and remediation activities.
The construction sector grew by 0.8% in October 2022; this is its fourth consecutive increase after growths of 0.4% in September 2022, 0.6% in August 2022 and 0.2% in July 2022.
ONS director of Economic Statistics Darren Morgan said: “The economy bounced back in October, recovering from the impact of the additional bank holiday for the State Funeral.In particular, car sales rebounded after a very poor September, while the health sector also saw a strong month, with GP appointments, A&E attendance and the COVID-19 autumn booster campaign all driving up the sector.
“Construction continued its strong trend over the last year and stands at its highest level on record, with new housebuilding driving growth this month. However, over the last three months as a whole the economy shrank, with falls seen across services and manufacturing.”