The UK's gross domestic product fell by 0.3% in October compared to the same month last year, after recording a 0.2% increase in September, according to a monthly estimate released on Wednesday (13) by the Office for National Statistics (ONS). The preliminary data also shows that the British economy showed stability (0.0%) in the quarter ending in October compared to the three months to July.
Services output fell by 0.2% in October 2023, driven by a decline in the information and communications sector. This followed a growth of 0.2% in September 2023.
Services are expected to grow by 0.1% in the three months to October 2023, compared with the three months to July 2023.
Output is expected to fall by 0.8% in October 2023, driven by broad-based declines in industrial production, after no growth in September and a 0.5% decline in August.
In the three months to September, the decline in the productive sector was 0.7%, compared with the three months to July, driven by a 0.9% decline in manufacturing.
Electricity, gas, steam and air conditioning supply decreased by 0.5%, extractive industries grew by 1.2%, and water supply, sanitation and waste management activities grew by 0.1% in the same period.
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The construction sector fell 0.5% in October 2023, after increasing 0.4% in September 2023. In quarterly comparison, the decline was estimated at 0.3%.
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