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U.K. GDP rose for first time in 4 months in October

AuthorGeoffrey Smith/Investing.com
Published 2022-12-12, 02:38 a/m
Updated 2022-12-12, 02:38 a/m
© Reuters.

By Geoffrey Smith

Investing.com -- The British economy grew for the first time in four months in October after a September affected by the funeral of Queen Elizabeth II, but there was little sign of a sustained turn for the better as high inflation continued to take its toll.

Gross domestic product rose 0.5% from September, as shops and other consumer-facing services returned to normal working hours. Construction output also grew for the fourth month in a row, by a stronger-than-expected 0.8%, and manufacturing output also performed better than expected growing 0.7%.

However, GDP in the three months through October was still down 0.3% from the period through September.

The figures come three days before the Bank of England's next Monetary Policy Council meeting, where the Bank is expected to raise its key interest rates again despite the clear signs that the U.K. is slipping into recession.

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