UK economy shrinks for second month, contracting 0.1% in October
2024-12-13 17:27:07 source：CNBC
December 13, 2024
The U.K. economy contracted unexpectedly in October amid uncertainty from businesses and consumers ahead of the newly elected government’s budget announcement.
Gross Domestic Product fell by an estimated 0.1% on a monthly basis, the ONS said Friday, with officials attributing the downturn to a decline in production output. Economists polled by news agency Reuters had projected a 0.1% rise in GDP in October.
It marked the country’s second consecutive economic downturn, following a 0.1% GDP decline in September.
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