Warnings against optimism as economy grows 0.5% in October

Concerns 'figures flatter to deceive' the true economic damage

Eve Maddock-Jones
clock • 2 min read

The UK economy is estimated to have grown 0.5% in October, according to data from the Office for National Statistics.

This was a reversion of the 0.6% fall seen in September, a month which was impacted by the additional bank holiday for the Queen's funeral. Looking at the three-month window, gross domestic product (GDP) fell by 0.3% in the three months to October 2022 compared with the three months to July 2022. October's growth was slightly stronger than economists had forecast, having put it at just 0.4%. The main sector contributors were the services sector, which grew by 0.6% after falling by 0.8% in September, the largest driver coming from wholesale and retail trade. The construction sect...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Markets

Market Movers: Industry confident inflation will keep falling in 2024

Market Movers: Industry confident inflation will keep falling in 2024

‘Most of the inflationary inputs are external and generally already falling’

Professional Adviser
clock 22 March 2024 • 1 min read
Market impact concerns ahead of US and UK elections divide industry

Market impact concerns ahead of US and UK elections divide industry

‘We need someone with a bit of something about them’

Isabel Baxter
clock 02 February 2024 • 3 min read
0.3% GDP growth fails to alleviate 'precarious' economic situation

0.3% GDP growth fails to alleviate 'precarious' economic situation

'An appropriately diversified portfolio is the best approach'

Hope Coumbe
clock 12 January 2024 • 2 min read