UK economy shrinks 0.3% in October as third quarter growth remains flat

Economy weaker than forecast due to a decline in services

Elliot Gulliver-Needham
clock • 2 min read
The figures come in advance of the Bank of England’s Monetary Policy Committee meeting tomorro
Image:

The figures come in advance of the Bank of England’s Monetary Policy Committee meeting tomorro

UK GDP shrank 0.3% in October, driven by a 0.2% decline in services, leaving the third quarter with flat growth.

This decline has left GDP just 0.3% larger than it was in October 2022, the Office for National Statistics said today (13 December). Economists had anticipated there would be no change in GDP follo...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

National LGPS framework for integrated service providers and member data services goes live

National LGPS framework for integrated service providers and member data services goes live

Capita, Heywood, LexisNexis, Target and The Tracing Group among the firms appointed

Jonathan Stapleton
clock 01 May 2024 • 2 min read
Schemes going to 'feel pain' if they do not invest in admin

Schemes going to 'feel pain' if they do not invest in admin

Industry experts urge admins and trustees to work as closely together as possible

Holly Roach
clock 01 May 2024 • 2 min read
PSIG launches consultation to determine its future

PSIG launches consultation to determine its future

PSIG calls on industry for ‘more help’ if it wants the organisation’s work to continue

Jonathan Stapleton
clock 01 May 2024 • 3 min read
Trustpilot