MADRID, December 12 (EUROPA PRESS) –
UK economic growth rebounded by 0.5% last October, after the 0.6% contraction observed in September, according to Office for National Statistics (ONS) estimates.
However, the UK statistics office has warned that forecasts for September 2022 will be affected by Queen Elizabeth II’s state funeral, when some businesses may be closed or operate differently on the day.
In this way, the UK’s monthly GDP is expected to be 0.4% above its February 2020 level, before the restrictions imposed due to the coronavirus pandemic.
Compared to the same month in 2021, monthly GDP grew by 1.5% in October 2022. For comparison, monthly GDP grew by 1.3% between September 2022 and September 2021.
On the other hand, the quarterly moving average through October recorded a GDP contraction of 0.3% compared to the three months to July 2022.
The services sector grew by 0.6% in October 2022, after declining by 0.8% in September, while production remained flat in October, after growing by 0.2% in the previous month.
Likewise the construction sector grew by 0.8% in October 2022; which was the fourth straight increase after rising 0.4% in September, 0.6% in August, and 0.2% in July 2022.
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