Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
The UK economy contracted in the third quarter of 2022, but the downturn wasn't as bad as expected, helped by monthly upward revisions to the July and August data, the Office for National Statistics said Friday. GDP fell 0.2% q/q in the three months to September, beating the -0.5% outcome expected by both financial markets and the Bank of England. Monthly estimates saw GDP fell by 0.6%, following 0.2 percentage point upward revisions for each of the previous two months
"The quarterly fall was driven by manufacturing, which saw widespread declines across most industries. Services were flat overall, but consumer-facing industries fared badly, with a notable fall in retail,” ONS Director of Economic Statistics Darren Morgan said, although he noted the public holiday for the late Queen's funeral weighed.
In output terms, there was a slowing on the quarter for the services, production and construction industries; the services sector slowed to flat output on the quarter driven by a fall in consumer-facing services, while the production sector fell by 1.5%, the ONS said.
Overall, there were no real surprises for the BOE in the data, underlining that the economy slowed markedly in September. It will also highlight for the government the challenges facing the economy ahead of next Thursday's Autumn statement.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.