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United Kingdom GDP October 2021

United Kingdom: Economic activity growth dips in October

GDP rose 0.1% in month-on-month seasonally-adjusted terms in October, which followed September’s 0.6% increase. The reading was largely due to a deterioration in the services sector. In particular, the accommodation and food services subsector contracted sharply. Meanwhile, the manufacturing sector flatlined, while the construction sector fell amid supply constraints.

On a rolling quarterly basis, GDP rose at a softer pace of 0.9% in August–October (July–September: +1.3% qoq), the worst result since the three months up to March.

Looking to the remainder of the quarter, the surge in Covid-19 cases due to Omicron and the ensuing slight tightening of restrictions bode ill for activity.

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