UK GDP grows by 0.1%, services output by 0.4% in Oct 2021

13 Dec '21

1 min read

Pic: Joseph Gough | Dreamstime.com

UK gross domestic product (GDP) is estimated to have grown by 0.1 per cent in October 2021 and is 0.5 per cent below its pre-pandemic level in February 2020, according to the Office of National Statistics (ONS). Services output grew by 0.4 per cent in October, with the most significant contribution coming from human health activities, which grew by 3.5 per cent.

The overall services output has now reached its pre-pandemic level; consumer-facing services are 5.2 per cent below their pre-pandemic levels, while all other services are 1.4 per cent above.

Output in consumer-facing services grew by 0.3 per cent on the month mainly because of an 8.1 per cent increase in the wholesale and retail trade and repair of motor vehicles and motorcycles sector. Production output decreased by 0.6 per cent in October.

But the rebound slowed in recent months as supply chain problems hit manufacturers and it is expected to lose more momentum due to new COVID-19 rules to slow the spread of the Omicron variant of the coronavirus.

The manufacturing sector flat-lined as the sector struggled with supply chain problems and staff shortages.

Fibre2Fashion News Desk (DS)

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