Britain's economy expanded by 0.5% in October, compared to September 2022, when it contracted by 0.6% (due to the extra bank holiday holiday for Queen Elizabeth's funeral), figures from the official British statistics office ONS showed.

it was the biggest economic growth in almost a year and above average forecasts for GDP growth of 0.4 percent.

The services sector rose 0.6 percent, following a 0.8 percent decline in September, with wholesale and retail trade and auto and motorcycle repair the biggest contributors.

The production of consumer services grew by 1.2%, after a decline of 1.7% in September.

Manufacturing was unchanged after rising 0.2%, with manufacturing the only subsector with a positive contribution (up 0.7%), offset by negative contributions in electricity and gas supplies (down 2.4%) and water supply (down by 1.6%).

Construction rose 0.8%, expanding for a fourth straight month.

In the three months up to and including October, Great Britain's GDP shrank by 0.3%, but despite this, the economy is 0.4% above its pre-coronavirus pandemic levels

, BNR informs.

The British expect inflation to continue to rise

The UK's trade deficit narrowed to £1.8bn in October 2022 from £3.1bn in the previous month.

It was the smallest deficit since November 2021 as natural gas prices retreated from their peaks of the previous month and reduced the cost of foreign-bought energy, causing imports to fall 2.6 percent.

Purchases of non-EU goods fell 11.6%, offsetting an 8.3% increase from the single bloc.

Exports fell 0.6% as a 3.3% contraction in sales to the EU outweighed a 1.7% rise in exports to countries outside the union.

economy