British GDP and trade balance improve month-on-month, but industrial production stays flat

According to the Office for National Statistics (ONS), British gross domestic product (GDP) increased by 0.5% in October compared with the previous month. GDP thus rose slightly after falling by 0.6% in the previous month.

On a year-over-year basis, GDP rose 1.5% versus an expected increase of 1.4%.

British Finance Minister Jeremy Hunt said in a statement that “there is a tough road ahead. High inflation, exacerbated by Putin’s illegal war, is slowing growth across the world, with the IMF predicting that a third of the world economy will be in recession this year or next.”

The British continue to struggle with the highest inflation in 40 years. The inflation rate is still in double digits at over 11%.

The trade balance was less in deficit than in the previous month. In October, the trade balance showed a deficit of GBP -14.48 billion, compared with a deficit of GBP -15.66 billion in September.

Meanwhile, manufacturing output increased in October. It rose 0.7% month-on-month, while the forecast was for a 0.1% increase.

However, industrial production was unchanged in October from the previous month.

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