Economic growth in the UK is slowing as the financial crisis intensifies

The UK economy did not grow in October as the manufacturing crisis affected manufacturing and construction, while job growth slowed.

UK exports rose 0.1 percent between September and October, a report from the Office for National Statistics showed on Friday.

That was down 0.4 percent of the financial analysts surveyed by Reuters, and it was the biggest decrease from the 0.6 percent increase last month.

Grant Fitzner, chief financial officer at ONS, said the UK health sector had grown significantly, while second-hand car sales and operating agencies also boosted the economy.

“After all, a large portion of the work came to fruition for the first time in 20 months,” he said. However, he added that the gains were diminished by the decline in employment in restaurants, which collapsed after a severe summer, and reduced oil production and gas consumption.

Construction activity has declined sharply since April last year, with a sharp decline in housing and construction, driven by a lack of equipment.

Production fell 0.6 per cent and construction activity fell by 1.8 per cent amid heavy disruption and declining supply of goods and services.

Outputs of services grew by 0.4 per cent in October, with significant support from health services, largely due to the rising rate of face-to-face contact on GP surgeries in England.

Overall, UK exports were 0.5 percent below February 2020, just before the outbreak.

Alpesh Paleja, CBI Lead Economist, said that “growth was hampered in October, raising concerns about the UK’s economic stability over the Omicron transition and the impact of other sanctions”.

This is the final data on UK GDP next week before the Bank of England interest rate hike. Economists expect the Bank to delay growth due to the spread of the Omicron species of coronavirus.