The UK economy has rebounded after slumping in September and was affected by the funeral of Queen Elizabeth II
The UK economy’s growth rebounded by 0.5% last October, after contracting by 0.6% observed in September, according to estimates from the Office for National Statistics (ONS).
However, the UK Statistics Office warned that estimates for September 2022 were affected by the state funeral of Queen Elizabeth II, as some businesses may have closed or operated differently on that day.
In this way, the British monthly GDP is estimated to be 0.4% more than the level of February 2020, before the restrictions were introduced due to the coronavirus pandemic.
Compared to the same month in 2021, monthly GDP grew by 1.5% in October 2022. For comparison, monthly GDP grew by 1.3% between September 2022 and September 2021.
On the other hand, the quarterly moving average through October recorded a contraction in GDP of 0.3% compared to the three months through July 2022.
The services sector grew by 0.6% in October 2022, after declining by 0.8% in September, while production remained practically flat in October, after growing by 0.2% in the previous month.
Similarly, the construction sector grew by 0.8% in October 2022; Which marks the fourth consecutive increase after rising by 0.4% in September, 0.6% in August and 0.2% in July 2022.
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