Despite the monthly growth in the gross domestic product during October, the UK economy is likely to stagnate or shrink in the final quarter of this year, the National Institute of Economic and Social Research, or NIESR, said Monday. ONS data showed earlier on Monday that GDP grew 0.5 percent monthly in October, which was largely attributable to the weakness in September resulting from the additional bank holiday for the state funeral of HM Queen Elizabeth II.
There was a strong pick-up in wholesale and retail trade, and repair of motor vehicles and motorcycles, which were apparently strongly affected by the additional bank holiday.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.