British GDP grew by 0.5% in October

By: MRT Desk

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British GDP grew by 0.5% in October

The gross domestic product (GDP) of the United Kingdom grew by 0.5% in October, compared to the fall of 0.6% in September, due to the good performance of retail trade, the Office for National Statistics (ONS) reported on Monday.

The agency indicated that the services sector advanced 0.6%, while the largest contribution to the rise in GDP came from retail, which rose 1.9% in October.

The industrial sector’s performance was flat after rising 0.2% in September, while construction rose 0.8% in October, the fourth consecutive monthly increase.

ONS Director of Statistics Darren Morgan noted that construction continued its strong upward trend this year, particularly with new housing construction.

This information comes after British Chancellor of the Exchequer Jeremy Hunt indicated last month that the UK had already entered recession.

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