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MNI BRIEF: UK Economy Bounces Back from Weak September

(MNI) London

The UK economy grew 0.5% m/m in October, recovering from the sharp 0.6% fall in September when growth was impacted by an extra national bank holiday to mark the funeral of Queen Elizabeth II. The October snap-back leaves the economy 0.4% higher on a month-to-month reading than February 2020, the month marked as the last 'pre-pandemic, the Office for National Statistics said Monday.

The data will offer little new to the Bank of England, who although forecasting weaker GDP in Q4, were expecting a recovery from the weak September reading. For the three months to October, the economy contracted 0.3% when compared to the three months to July. The Bank meets this week to discuss rate policy and is expected to increase the Bank Rate by 50 bps to 3.5%

The service sector recovered 0.6% m/m, having been the most adversely impacted sector in September, declining 0.8% m/m. Manufacturing helped drive some of the recovery, helped in part by an easier supply of microchips for the automobile sector.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

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