Business Live: What does a surprise drop in GDP mean for the economy and will it force a rate cut?
December 13, 2024
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26:26Now PlayingBusiness Live: What does a surprise drop in GDP mean for the economy and will it force a rate cut?
YouTube Description
as posted by the channelJoin Business Live as the economy remained in reverse gear during October, according to official figures covering the month ahead of the government's first budget.
The Office for National Statistics (ONS) said output fell 0.1% following the 0.1% decline recorded for the previous month.
It marked the first time since the COVID pandemic that the economy had shrunk for two consecutive months. The figures showed zero growth in the powerhouse services sector, with manufacturing and construction declining at a pace of 0.6% and 0.4% respectively.
Economists had expected a positive headline figure
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