UK economy shrinks between August and October with output impacted by Queen’s funeral
The UK economy shrank in the third quarter of 2022 as the country heads into an expected recession, with output impacted by the extra bank holiday for the Queen’s funeral.
However, the economy rebounded in October after the contraction in September, according to official figures.
The Office for National Statistics (ONS) said gross domestic product (GDP) contracted 0.6% in September but grew by a bigger-than-expected 0.5% between September and October.
The rebound marked the biggest expansion since November 2021 and was more than the 0.4% rise expected by most economists.
Experts however said the bigger picture is still one of a shrinking economy amid the cost-of-living crisis, with the UK set to suffer a prolonged recession.
The ONS said the three months to October saw the economy drop by 0.3% compared with the previous three months.
Darren Morgan, ONS director of economic statistics, said: “The economy bounced back in October, recovering from the impact of the additional bank holiday for the state funeral.
“In particular, car sales rebounded after a very poor September, while the health sector also saw a strong month, with GP appointments, A&E attendance and the Covid-19 autumn booster campaign all driving up the sector.
“Construction continued its strong trend over the last year and stands at its highest level on record, with new housebuilding driving growth this month.
“However, over the last three months as a whole the economy shrank, with falls seen across services and manufacturing.”
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So hang on! We are told REPEATEDLY that the royal family are a money spinner. Yet we are now being told that royal births, deaths and marriages are the reason for such and such a fiscal quarter’s poor performance.