United Kingdom Monthly GDP MoM

The British economy contracted by 0.1% month-over-month in October, following a similar decline in September and falling short of market forecasts of a 0.1% expansion. The largest downward contribution came from production which fell 0.6%, due to manufacturing (-0.6%), mostly pharmaceutical products and preparations (-2.6%), machinery and equipment (-2.8%) and chemicals (-3.7%). Also, the mining and quarrying sector dropped 3.1% and sewerage and waste management edged 0.2% lower while utilities grew 1.4%. Construction fell by 0.4% and the services showed no growth, as positive contribution from the information and communication subsector (0.9%), mainly telecommunications (2.8%) and others was offset by falls in support service activities (-0.8%), employment activities (-2.3%) and others. “Oil and gas extraction, pubs and restaurants and retail all had weak months, partially offset by growth in telecoms, logistics, and legal firms”, ONS director of economic statistics Liz McKeown said.