UK economy shrank unexpectedly in October
Summary
The UK's economy unexpectedly shrank by 0.1% in October. Economists had predicted it would grow by 0.1%, but a decline in manufacturing, especially in car production, contributed to the downturn.Key Facts
- The UK's economy decreased by 0.1% in October.
- Experts expected a 0.1% growth instead of the decline.
- The overall economy also fell by 0.1% over three months ending in October.
- Manufacturing output dropped, particularly in car manufacturing.
- A cyber-attack affected Jaguar Land Rover's production, reducing vehicle manufacturing by 17.7%.
- Car manufacturing started to improve slightly in October.
- Production output increased by 1.1% after manufacturing resumed.
- The government plans to boost growth by reducing energy costs and investing in infrastructure.
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