invest.com | 12/12/2022 08:42
Investing.com — After a September weighed down by the funeral of Queen Elizabeth II, the UK economy grew in October for the first time in four months. But with inflation still high, there was little sign of a sustained turnaround.
Gross domestic product increased by 0.5% compared to September. This evolution was favored by the resumption of normality in shops and other services related to consumption. Construction production increased for the fourth consecutive month. It rose more than expected to 0.8%, and manufacturing production also grew more than expected to 0.7%.
However, GDP in the three months to October was still 0.3% below the corresponding figure for September.
The numbers come three days before the next Bank of England meeting, when officials are expected to raise interest rates again, despite clear signs the UK is slipping into recession.
by Geoffrey Smith
Get the app now
Be part of the largest financial community in the world
Discharge
Written by: invest.com
“Bacon nerd. Extreme zombie scholar. Hipster-friendly alcohol fanatic. Subtly charming problem solver. Introvert.”
