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%.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.