The British economy slowed again in October, after picking up in September. The Monthly GDP 0.1%Compared to 0.6% previously and against a 0.4% forecast, the Office for National Statistics reported.
The weak numbers are likely to raise expectations that Bank of England suspends interest rates again next weekAlthough it was recently indicated that it is on its way to its first rise since the pandemic, Reuters sheds light on it.
The British economy recovered solidly earlier this year from the nearly 10% recession it suffered in 2020 when the pandemic hit.
But the recovery has slowed in recent months, as Supply chain problems affected manufacturersand is expected to lose further momentum due to new COVID-19 regulations to slow the spread of the Omicron variant of the coronavirus.
Conversely Industrial production fell 0.6%Due to sharp declines in the electricity, gas, mining and quarrying sectors.
The manufacturing sector is stagnant due to supply chain problems and staff shortages.
The construction sector experienced the largest decline since April 2020, a decrease of 1.8% compared to September.
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