Economy remains in reverse as GDP falls again

The economy went into reverse in October, with GDP falling by 0.1%, new figures from the Office for National Statistics confirmed this morning (December 13).

Services showed no growth, while production (-0.6%) and construction (-0.4%) both fell.

The latest figure follows a fall of 0.1% in September.

Production output fell by 0.6% in October, because of falls in manufacturing, and mining and quarrying output, following a fall of 0.5% in September; production output fell by 0.3% in the three months to October.

Construction output fell by 0.4% in October, following growth of 0.1% in September 2024, but grew by 0.4% in the three months to October.

ONS director of economic statistics Liz McKeown said: “The economy contracted slightly in October, with services showing no growth overall and production and construction both falling.

“Oil and gas extraction, pubs and restaurants and retail all had weak months, partially offset by growth in telecoms, logistics and legal firms.

“However, the economy still grew a little over the last three months as a whole.”