UK’s Monthly GDP Shows No Growth for October 2023

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:

  1. 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.
  2. October’s Dip: GDP is estimated to have fallen by 0.3% in October 2023, following a growth of 0.2% in September 2023.
  3. 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.
  4. Annual Comparison: Monthly GDP grew by 0.3% in October 2023 compared with the same month last year.
  5. Consumer-facing Services: Output in these services fell by 0.1% in October 2023, remaining 5.0% below pre-coronavirus pandemic levels (February 2020).
  6. 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.
  7. 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.