The UK economy experienced an unexpected contraction in October, as uncertainty ahead of the Autumn budget dampened spending and investment, official data revealed on Friday.
Gross domestic product fell 0.1 percent month-on-month in October, the same pace of drop as seen in September, the Office for National Statistics reported. GDP was forecast to grow 0.1 percent.
The monthly fall was driven by a 0.3 percent contraction in the services sector and a 0.6 percent drop in construction. In contrast, industrial production grew 1.1 percent.
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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.