The UK Economy shows positive signs, GDP uprise by 0.5 percent in October: Statistics

(Infosette News) LONDON: According to official figures released on Monday, the UK economy expanded by 0.5 percent in October.

This followed a steep decline in September, which was partly attributed to the country’s national holiday in remembrance of Queen Elizabeth II.

The Office for National Statistics said that the British economy contracted by 0.2 percent in the third quarter and that the gross domestic product declined by 0.6 percent in September as a result of firms closing for the royal burial (ONS).

Car sales, which “rebounded after a very bad September, while the health sector also enjoyed a solid month,” according to Darren Morgan, head of economic statistics for the ONS, were a major contributor to the economy.

Related : From Apr to June Annual Rate of US economy downfall by 0.6 %

The economy shrank by 0.3% in the three months leading up to October, according to a statement released by the ONS on Monday.

Even while the numbers suggest growth, “there remains a rough path ahead,” according to Britain’s finance minister, Jeremy Hunt.

The IMF projects that a third of the global economy will be in recession this year or next due to high inflation, which is delaying GDP worldwide and is made worse by (Russian President Vladimir) Putin’s illegitimate conflict, he said.

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The rate of inflation in Britain has risen to almost 11%, the highest level in more than 40 years.
The UK economy was expected to decline in the fourth quarter of 2022, indicating a recession, according to the Bank of England.

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