UK economy unexpectedly contracts in October

(Sharecast News) - The UK economy unexpectedly contracted in October, according to data released on Friday by the Office for National Statistics. The economy shrank by 0.1% following a 0.1% decline in September, and versus expectations for 0.1% growth.

Liz McKeown, director of economic statistics at the ONS, said: "The economy contracted slightly in October, with services showing no growth overall and production and construction both falling.

"Oil and gas extraction, pubs and restaurants and retail all had weak months, partially offset by growth in telecoms, logistics, and legal firms. However, the economy still grew a little over the last three months as a whole."