UK GDP estimated to have grown 0.5% in October 2022
Monthly real gross domestic product (GDP) is estimated to have grown by 0.5% in October 2022, following a fall of 0.6% in September 2022 which was affected by the additional bank holiday for the State Funeral.
Group Editor of Shard Financial Media, which encompasses the Credit Strategy, Reward Strategy, TRI and FSE brands.
Group Editor of Shard Financial Media, which encompasses the Credit Strategy, Reward Strategy, TRI and FSE brands.
Looking at the broader picture, GDP fell by 0.3% in the three months to October 2022 compared with the three months to July 2022.
Services grew by 0.6% in October 2022, after falling by 0.8% in September 2022. The largest contribution to the growth came from wholesale and retail trade; repair of motor vehicles and motorcycles which rose by 1.9% in the month.
Production remained broadly flat in October 2022, after growth of 0.2% in September 2022. Manufacturing was the only sub-sector to contribute positively to production in October 2022, offset by negative contributions from electricity, gas, steam and air conditioning supply and water supply, sewerage, waste management and remediation activities.
Construction grew by 0.8% in October 2022; this is its fourth consecutive increase after growths of 0.4% in September 2022, 0.6% in August 2022, and 0.2% in July 2022.
As Christmas draws near, the economy is expected to be given a small boost from consumer spending although, spending in 2022 looks to be lower than in 2021.
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