UK's ONS: Zero GDP growth between August, October

LONDON, Dec 13 (KUNA) -- Official data showed, Wednesday, that British Grows Domestic Product (GDP) was unable to achieve any significant growth between August and October, raising fears that the local economy could enter a recession.

Data released from the British office for national statistics (ONS) said monthly GDP is estimated to have fallen by 0.3 percent in October 2023, following growth of 0.2 percent in September 2023, adding that the 0.8 percent decrease in the production output in October 2023 was driven by widespread declines in manufacturing.
Data also showed that the construction sector fell by 0.5 percent in October 2023 after growth of 0.4 percent in September 2023.
Earlier reports by the Bank of England predicted that the British economy this year would enter a recession affected by the high inflation rate, which caused an increase in the cost of living and a decline in the pace of consumption that directly affects the performance of the main services sector. (end) mrn.ao.