City AM’s Post

The UK economy contracted unexpectedly in October, official figures show, losing momentum built up in September and kicking off what experts think will be a subdued quarter of growth. Gross domestic product fell 0.3% in October, below analysts’ expectations for stagnation and down from September’s surprise 0.2% growth rate, according to the Office for National Statistics (ONS). Services output dropped 0.2%, hit by sluggish activity in the information and communication sector. The production sector shrank 0.8% in October, dragged down by weak supply from manufacturers hit hard by the sharp rise in interest rates. Construction output slid 0.5%

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The UK economy is likely to have exited recession already after new official figures revealed that gross domestic product expanded by 0.2 per cent in January. The Office for National Statistics said that the economy returned to growth at the beginning of this year thanks to a revival in activity in the services and construction sectors. The 0.2 per cent growth rate was in line with City analysts’ expectations. An expansion in GDP raises the chances that the economy powered away from recession, making it one of the shortest downturns in the past century

The UK economy returned to growth in August after the wet weather in July delivered a blow to output, with GDP boosted by the country’s all-important services sector, official figures revealed this morning. GDP expanded by 0.2% in August, according to the Office for National Statistics (ONS), in line with City analysts’ expectations. Although output has returned to growth, August’s expansion does not recoup losses generated in July, when the economy contracted by a worse-than-feared 0.6%, mainly due to the unusually wet weather in the month deterring consumer spending and construction activity

UK economy flatlines in April The UK economy recorded no growth in April, according to data from the Office for National Statistics. The latest figure compares to the 0.4% growth recorded in March. Experts have blamed a negative impact from wet weather, knocking both retail sales and construction output.

UK Economy - Q2 2023 The UK economy has surpassed expectations by recording a quarter-on-quarter growth of 0.2%. However, it is important to note that this growth is still 0.2% lower than the pre-COVID levels. A preliminary analysis of expenditure breakdown reveals that household consumption has bounced back, witnessing a rise of 0.7% despite the challenges posed by high inflation. Notably, growth in hotel and recreation services has been driven by this upward trend. Manufacturing growth has been bolstered by a significant increase in automotive production, contributing positively to overall economic performance. In a resilient display, the construction sector has shown further progress, even amidst the impact of high interest rates on housebuilding. This can be attributed to a rise in both infrastructure development and repair & maintenance activities. Overall, the UK economy's strong performance indicates signs of recovery; however, it is important to address the existing gap between current GDP and the pre-pandemic level. The resilience of sectors such as household consumption, manufacturing, and construction serves as a positive indicator for future growth prospects. Efforts to manage inflation and sustain momentum across industries will be key to realizing a sustainable and robust economic rebound.

UK economy grows slightly for second month in a row The UK economy has grown slightly for the second month in a row, official figures show. The production sector, which includes manufacturing, was the main contributor to economic growth in the month, with output increasing by 1.1 per cent in February. Chancellor Jeremy Hunt said: “These figures are a welcome sign that the economy is turning a corner, and we can build on this progress if we stick to our plan.” A recession was declared in February after data showed two quarters of economic contraction. If the economy expands for three months, the UK will be officially out of recession.