UK economy shrinks 0.3% in October as third quarter growth remains flat

Economy weaker than forecast

Elliot Gulliver-Needham
clock • 1 min read

UK GDP shrank 0.3% in October, driven by a 0.2% decline in services, leaving the third quarter with flat growth.

This decline has left GDP just 0.3% larger than it was in October 2022, the Office for National Statistics confirmed yesterday (13 December). Economists had anticipated there would be no change in GDP following a 0.2% growth in the prior month. The figures come in advance of the Bank of England's (BoE) monetary policy committee meeting today (14 December), which will likely see the central bank holding rates in its attempt to bring inflation down to its 2% target. Quilter Investors investment strategist Lindsay James said the data would be "piling the pressure on the bank's ahead of t...

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