25.4 C
Brunei
Sunday, January 29, 2023
25.4 C
Brunei
Sunday, January 29, 2023
More
    - Advertisement -

    Britain’s GDP grows 0.5 per cent in October

    LONDON (AFP) – Britain’s economy grew 0.5 per cent in October, official data showed yesterday, after a sharp fall the previous month in part because of the national holiday for Queen Elizabeth II’s funeral.

    Gross domestic product fell 0.6 per cent in September after businesses closed for the royal funeral, and Britain’s economy shrank by 0.2 per cent in the third quarter, according to the Office for National Statistics (ONS).

    ONS director of economic statistics Darren Morgan said the economy was helped especially by car sales which “rebounded after a very poor September, while the health sector also saw a strong month”.

    The ONS said in its statement yesterday that in the three months to October, the economy contracted by 0.3 per cent.

    Britain’s Finance Minister Jeremy Hunt said in a statement that despite the figures showing growth, “there is a tough road ahead”.

    Construction cranes at a site in London. PHOTO: AFP

    “High inflation, exacerbated by the invasion of Ukraine, is slowing growth across the world, with the IMF predicting a third of the world economy will be in recession this year or next,” he said.

    British inflation stands above 11 per cent, the highest level in more than 40 years.

    The Bank of England has predicted the United Kingdom economy would contract in the final quarter of 2022, meaning the economy was in a recession.

    The technical definition of recession is two quarters of contraction in a row.

    - Advertisement -
    - Advertisement -
    spot_img

    Latest article

    - Advertisement -
    spot_img