Financial Insights

UK economy slows to a crawl in October as GDP rises just 0.1%

In the month October the UK economy almost flat lined in addition to worries about pandemic recovery.

The latest released data by National Statistics Office(ONS) showed growth of 0.1% in the GDP which is below 0.4% as forecasted by the economics due to supply chain interruption and shortages in the staff.

This shows that the UK economy was struggling before Omicron hit and remained below the level of 0.5% in 2020 Feb before pandemic.

The ONS said human health activities with increased face to face appointments in England pushed services output and bring to its levels before any health trouble.

After the increment by 8.1% in wholesale, retail trades and repairing in motor vehicles sector the face to face customer services have seen growth of 0.3%. On the other hand, Restaurant and hotels output declined by 5.5%

In the meantime, total production output declined by 0.6% including 2.9% decrease in electricity and gas sector, 5.0% decrease in mining and quarrying sector and 1.8% in construction contracting.

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