The Office for National Statistics (ONS) has released the latest monthly estimate of the UK’s Gross Domestic Product (GDP) for October 2023. Here are the main points from the report:
- Overall Growth: Monthly real GDP is estimated to have shown no growth in the three months to October 2023, compared with the three months to July 2023.
- October’s Dip: GDP is estimated to have fallen by 0.3% in October 2023, following a growth of 0.2% in September 2023.
- Sector-wise Performance:
- Services Sector: Output fell by 0.2% in October, driven by a decline in information and communication.
- Production Sector: Output fell by 0.8%, led by declines in manufacturing.
- Construction Sector: Fell by 0.5% in October 2023 after a growth of 0.4% in September 2023.
- Annual Comparison: Monthly GDP grew by 0.3% in October 2023 compared with the same month last year.
- Consumer-facing Services: Output in these services fell by 0.1% in October 2023, remaining 5.0% below pre-coronavirus pandemic levels (February 2020).
- Services Growth: The services sector grew by 0.1% in the three months to October 2023, with contributions from professional, scientific, and technical activities, and education.
- Production Output: Estimated to have fallen by 0.7% in the three months to October 2023, primarily driven by a 0.9% fall in manufacturing.
This release paints a picture of a stagnating economy, highlighting the challenges faced by various sectors. The impact of the ongoing pandemic and other contributing factors underscores the need for continued monitoring and strategic interventions.