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The UK economy grew in October, with the nation’s economy now estimated to be 0.4% larger than its pre-pandemic size, according to figures from the Office of National Statistics on Monday.
Monthly real gross domestic product is estimated to have grown by 0.5% in October from the month before, following a fall of 0.6% in September from August. Market consensus, as cited by FXStreet, had expected the UK economy to contract by 0.1% in October.
The services sector grew by 0.6% in October from September, and was the main driver of GDP growth according to the ONS.
Industrial production was flat in October, and the construction sector grew by 0.8%, its fourth consecutive increase.
Quarter-on-quarter, GDP fell by 0.3%. October GDP was up 1.5% compared with the same month last year.
Total imports of goods decreased by £1.4 billion, or 2.6%, in October against the prior month because of falling imports from non-EU countries. Total exports of goods fell by £700 million, or 2.2%, with exports to both EU and non-EU countries falling.
By Heather Rydings, Alliance News senior economics reporter
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