Growth in the UK economy rebounded by 0.5% last October, following the 0.6% contraction seen in September, according to the Office for National Statistics (ONS) estimate.
However, the UK’s statistical office has warned that estimates for September 2022 were affected by the state funeral of Queen Elizabeth II, when some businesses may have closed or operated differently on that day.
As such, UK monthly GDP is estimated to be 0.4% above the February 2020 level, before the introduction of restrictions due to the coronavirus pandemic.
Compared to the same month in 2021, monthly GDP grew by 1.5% in October 2022. For comparison, monthly GDP grew by 1.3% between September 2022 and September 2021.
On its side, the quarterly moving average through October recorded a 0.3% contraction in GDP relative to the three months through July 2022.
The services sector grew by 0.6% in October 2022, after falling by 0.8% in September, while output remained broadly flat in October, following growth of 0.2% the previous month.
Likewise, the construction sector grew by 0.8% in October 2022; marking its fourth consecutive increase after rising 0.4% in September, 0.6% in August and 0.2% in July 2022.
