Britain’s economy rebounded in October a little more strongly than expected from September when output was affected by a one-off public holiday to mark the funeral of Queen Elizabeth, but a recession remained on the cards, official data from the ONS showed this morning.
Gross domestic product grew by 0.5% after September’s 0.6% contraction, the Office for National Statistics said.
However in the three months to October, Britain’s economy shrank by 0.3%
The ONS said the economy in October was 0.4% larger than before the pandemic set in.
The ONS said consumption of electricity and gas was the biggest drag on economic growth in October, which was the seventh-warmest on record, according to the Met Office.
“The estimated drop may also indicate some changes in consumer behaviour in response to recent energy price rises,” the ONS said.
An increase in COVID-19 vaccinations in October added 0.1 percentage points to the monthly increase in GDP.
Responding to the data, finance minister Jeremy Hunt said there was 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,” he said.
