UK economic growth falls in October for second month in a row

LONDON (ICIS)–Economic growth in the UK fell for the second consecutive month in October, mostly driven by a decline in production output, according to official data on Friday.

Monthly real GDP fell by 0.1%, following a fall of 0.1% in September.

“Production fell by 0.6% in October 2024 and was the largest contributor to the overall fall in GDP in the month. Construction fell by 0.4%, while services showed no growth,” the Office for National Statistics (ONS) said.

October’s GDP figure is a first estimate and subject to revision.

On a quarterly basis, GDP has slowed throughout the year with 0.7% growth in Q1, 0.5% in Q2 and 0.1% in Q3.