LONDON, Dec. 13 (Xinhua) -- The United Kingdom's (UK) monthly real gross domestic product (GDP) contracted by 0.1 percent in October 2024, following a drop of 0.1 percent in September, official data showed on Friday.
According to the Office for National Statistics (ONS), October's fall was largely attributed to a decline in production output, which went down by 0.6 percent.
The services output remained unchanged and construction output fell by 0.4 percent in October, said the ONS.
"Oil and gas extraction, pubs and restaurants and retail all had weak months, partially offset by growth in telecoms, logistics, and legal firms," said Liz McKeown, ONS's director of economic statistics.
"However, the economy still grew a little over the last three months as a whole," McKeown added. The ONS data showed the real GDP grew by 0.1 percent in the three months to October, compared with the three months to July.
Responding to the data, Chancellor of the Exchequer Rachel Reeves admitted that the GDP figures were "disappointing," but emphasized her commitment to revitalizing the economy. "I'm determined to turn the economy around so it works for working people once again," she said.
Renowned think tank the National Institute of Economic and Social Research (NIESR) projected the UK economic growth to stagnate in the fourth quarter of 2024, with flatlining growth in the services and production sectors and a slight fall in the construction sector.
"A weakening export climate amid rising global policy uncertainties and declining business confidence, exacerbated by the impact of recently announced budget measures, raises concerns about sustaining the growth momentum," said Hailey Low, associate economist of the NIESR. ■
