UK economy returns to growth in October

12 Dec 2022

The UK economy rebounded to grow by 0.5% during October, according to the latest data from the Office for National Statistics (ONS).

October's growth followed a fall in output during September because of an additional bank holiday for Queen Elizabeth's state funeral.

However, the UK economy shrank between August and October as the country remains on course for a recession.

The economy contracted by 0.3% during the three months as soaring prices hit businesses and households.

A country is in recession when its economy shrinks for two three-month periods in a row.

Over the three months, economic activity in the UK slowed across all the main sectors including production, construction and services.

The UK is widely expected to be in recession by the end of this year. The Bank of England recently said the UK is facing its longest recession since records began.

Chancellor of the Exchequer Jeremy Hunt said: 'While today's figures show some growth, I want to be honest that there is a tough road ahead. Like the rest of Europe, we are not immune from the aftershocks of Covid-19, Putin's war and high global gas prices.'