Rolling coverage of the latest economic and financial news, including October’s GDP report at 7am
Jeremy Hunt has warned that the UK still faces a ‘tough road’ ahead.
Responding to this morning’s GDP report, the chancellor says:
“High inflation, exacerbated by Putin’s illegal war, is slowing growth across the world, with the IMF predicting a third of the world economy will be in recession this year or next.
“While today’s figures show some growth, I want to be honest that there is a tough road ahead. Like the rest of Europe, we are not immune from the aftershocks of Covid-19, Putin’s war and high global gas prices.
The services sector grew by 0.6% in October 2022, after falling by 0.8% in September 2022; the largest contribution to the growth came from wholesale and retail trade; repair of motor vehicles and motorcycles, which rose by 1.9% in the month.
Manufacturing was the only sub-sector to grow, rising by 0.7% in the month. The main drivers were the manufacture of basic pharmaceutical products and pharmaceutical preparations (up 8.4%) and manufacture of transport equipment (up 2.3%).
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