Saturday, 16 Nov 2024

UK economy flatlines ahead of election, figures show

The UK economy is stagnating , according to the last official check ahead of the election.

Figures published by the Office for National Statistics showed gross domestic product (GDP) was flat with no growth in the three months to October.

This compared to the 0.3% recorded in the period to September.

Commenting on the latest data, an ONS spokesman said: “The UK economy saw no growth in the latest three months.

“There were increases across the services sector, offset by falls in manufacturing with factories continuing the weak performance seen since April.

“Construction also declined across the last three months with a notable drop in house building and infrastructure in October.”

The services sector was shown to be the only positive contributor to growth over the three-month period, growing by 0.2%.

Output in both the production and construction sectors shrank, by 0.7% and 0.3%, respectively.

The weakness seen in construction was predominantly driven by a fall of 2.3% in October, according to the ONS.

More follows…

Source: Read Full Article

Related Posts