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GDP Monthly Estimate UK October 2022

12th December 2022

Photograph of GDP Monthly Estimate UK October 2022

Monthly real gross domestic product (GDP) is estimated to have grown by 0.5% in October 2022, following a fall of 0.6% in September 2022, which was affected by the additional bank holiday for the State Funeral of HM Queen Elizabeth II.

Looking at the broader picture, GDP fell by 0.3% in the three months to October 2022 compared with the three months to July 2022.

The services sector grew by 0.6% in October 2022, after falling by 0.8% in September 2022; the largest contribution to the growth came from wholesale and retail trade; repair of motor vehicles and motorcycles, which rose by 1.9% in the month.

Output in consumer-facing services grew by 1.2% in October 2022, after falls of 1.7% in September 2022 and 1.6% in August 2022.

Production remained broadly flat in October 2022, after growth of 0.2% in September 2022; manufacturing was the only sub-sector to contribute positively to production in October 2022, offset by negative contributions from electricity, gas, steam and air conditioning supply, and water supply, sewerage, waste management and remediation activities.

The construction sector grew by 0.8% in October 2022; this is its fourth consecutive increase after growths of 0.4% in September 2022, 0.6% in August 2022 and 0.2% in July 2022.

Monthly real gross domestic product (GDP) is estimated to have grown by 0.5% in October 2022 (Figure 1) following a fall of 0.6% in September 2022. Monthly GDP is now estimated to be 0.4% above its pre-coronavirus levels (February 2020).

Estimates for September 2022 were affected by the bank holiday for the State Funeral of Her Majesty Queen Elizabeth II, where some businesses may have closed or operated differently on this day. As this was a one-off event, its impact does not get removed from our seasonally adjusted estimates. This should be considered when interpreting the seasonally adjusted movements in September and October 2022.

Read the full report at
https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/october2022