UK's GDP grows by 0.5% in October 2022, 1st up move in 4 months: ONS

Production in the UK remained broadly flat in October 2022, after growth of 0.2 per cent in September 2022; manufacturing was the only sub-sector to contribute positively to production in October 2022, according to ONS’ data.

Manufacturing of textiles wearing apparel and leather products dropped by 0.06 percentage points in October 2022.

Estimates for September 2022 were affected by the bank holiday for the state funeral of Queen Elizabeth II, where some businesses may have closed or operated differently on this day. As this was a one-off event, its impact does not get removed from seasonally adjusted estimates. This should be considered when interpreting the seasonally adjusted movements in September and October 2022.

For the three months to October 2022 compared with the three months to July 2022, UK saw about 1.7-per cent fall in production.

Monthly GDP grew by 1.5 per cent in October 2022 compared with the same month last year. For comparison, monthly GDP grew by 1.3 per cent between September 2022 and September 2021.

ALCHEMPro News Desk (DP)