UK economy returned to growth in October with 0.5% rise in GDP – business live

UK GDP rose in October, but shrank in the August-October quarter, Office for National Statistics reports

Here’s Victoria Scholar, Head of Investment at interactive investor, on today’s GDP report:

UK monthly real GDP grew by 0.5% in October, ahead of expectations for 0.4% and swinging from a decline of 0.6% in September which was negatively impacted by the extra bank holiday for the Queen’s funeral. Strength in October came from the services sector which grew by 0.6%, beating analysts’ forecasts thanks to car and motorbike repairs and human health activities.

With the cost-of-living crisis and a looming recession, fewer consumers are purchasing new vehicles, pushing up demand for repair services.

“Today’s numbers underline the failure of this Tory government to grow our economy, leaving us lagging behind on the global stage.

“These are challenging economic times, but there is a choice. We can continue down the road of managed decline, falling behind our competitors, or we can draw on bold thinking to propel us forward.

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