Bank of England within the City of London on sixth November 2024 in London, United Kingdom. The City of London is a metropolis, ceremonial county and native authorities district that incorporates the first central enterprise district CBD of London. The City of London is broadly referred to easily because the City can also be colloquially often called the Square Mile. (photograph by Mike Kemp/In Pictures by way of Getty Images)
Mike Kemp | In Pictures | Getty Images
The U.Okay. economic system contracted unexpectedly in October, in accordance with knowledge from Britain’s Office for National Statistics (ONS).
Gross Domestic Product fell by an estimated 0.1% on a month-to-month foundation, the ONS said Friday, with officers attributing the downturn to a decline in manufacturing output. Economists polled by information company Reuters had projected a 0.1% rise in GDP in October.
It marked the nation’s second consecutive financial downturn, following a 0.1% GDP decline in September.
Real GDP is estimated to have grown 0.1% within the three months to October, the ONS stated, in comparison with the earlier three months ending in July.
In a press release on Friday, U.Okay. Finance Minister Rachel Reeves conceded that the October figures had been “disappointing,” however defended the federal government’s divisive economic strategies.
This is a breaking information story. Please refresh for updates.
