UK GDP Remains Flat In October

The UK economy stagnated in October as growth in industrial and service sectors were offset by contraction in construction, data from the Office for National Statistics showed Tuesday.

Gross domestic product remained unchanged in October from September, when it was down 0.1 percent.

The dominant service sector grew 0.2 percent on month after showing nil growth. This was also slightly faster than the expected 0.1 percent.

Industrial production gained 0.1 percent and manufacturing grew 0.2 percent. Economists had forecast industrial and manufacturing output to grow 0.3 percent and 0.2 percent, respectively.

Meanwhile, due to adverse weather, construction output decreased 2.3 percent on month, which was the biggest fall since January 2018. Economists had forecast a marginal 0.2 percent fall.

Rolling three-month growth was flat in October, following growth of 0.3 percent in the third quarter.

On a yearly basis, industrial and manufacturing production declined 1.3 percent and 1.2 percent, respectively. At the same time, construction output dropped 2.1 percent annually.

Another report showed that the visible trade deficit widened to GBP 14.48 billion from GBP 11.5 billion in September. The total trade balance showed a shortfall of GBP 5.18 billion versus GBP 1.92 billion deficit a month ago.



by WooHoo Ireland


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