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UK Economic Growth Slips as GDP Contracts in October

UK economy growth (GDP) decreased in October. Forecasting suggested an uplift of 0.1%, in reality we saw it shrink by -0.1%. The disappointing figures month-on-month was likely a held back of anticipation leading up to the Autumn budget. On top of that we did also see manufacturing production with expectations on a strong uplift month-on-month not reaching these levels, being a big contribution to a weaker economic growth.

We know since previously that the governments key priority was to stabilise and increase economic growth, which has been troublesome. The UK economy has only grew in one of its last seven months, indicating that businesses and households are limited to spending and expansions. In the opening hours of Friday we have seen that the recent GBP gains have now stalled, and probability of a rate cut from Bank of England next week is likely to be forced to stabilise the economy.

GBP/EUR 1.1389 GBP/USD 1.3368 GBP/AED 4.9121
GBP/AUD 2.0044 GBP/CHF 1.0623 GBP/CAD 1.8402
GBP/NZD 2.2995 EUR/USD 1.1724 GBP/ZAR 22.5510

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