GDP Increased by 0.1% in October

The ONS has reported on GDP for the month of October 2018.

- UK gross domestic product (GDP) grew by 0.4% in the three months to October 2018

- GDP growth was driven mainly by the services sector, though the production and construction sectors were also positive contributors

- Rolling three-month growth continued to slow slightly after a strong summer

- GDP growth was 0.1% in October 2018

- Services sector rolling three-month growth in October 2018 was driven by accounting and computer programming

- Rolling three-month growth was flat in the manufacturing industries

- Construction growth fell back slightly from the high growth in July 2018

CEO and Business Growth Expert at Yomdel, Andy Soloman, commented:

“Despite a slight uplift in monthly GDP growth, economic momentum remains flat on an annual basis which is hardly surprising given the current Brexit bungling from our politicians. 

That said, while our current political limbo is far from ideal we remain quite some way away from the ‘inevitable’ recession that some are predicting. 

Post-Brexit, we should see the coiled spring of consumer anticipation unleashed as a degree of confidence returns to the market, benefitting UK business when it does. Until then, a forecast for further political turbulence could cause more problems.”

Source : Insight DIY and ONS

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