The UK [economy][1] expanded for the sixth straight month in October but the pace of growth moderated as expected, data from the Office for National Statistics showed Thursday.
Gross domestic product climbed 0.4 percent month-on-month, slower than the 1.1 percent growth seen in September. This was the sixth consecutive monthly growth.
October GDP was 23.4 percent higher than its April 2020 low. However, it remained 7.9 percent below the levels seen in February 2020, before the full impact of the [coronavirus][2] pandemic.
The production-side breakdown showed that slowdown was largely caused by the services activity. Services growth moderated to 0.2 percent in October from 1 percent a month ago.
Meanwhile, growth in industrial output improved to 1.3 percent from 0.5 percent as manufacturing expanded 1.7 percent, following September’s 0.2 percent gain.
Construction output climbed 1 percent after rising 2.9 percent in the previous month.
In October, GDP was down 8.2 percent annually, slower than the 8.4 percent fall registered in September.
Another report from the ONS showed that the visible trade gap rose to its highest level since May 2019. The trade deficit widened to GBP 11.99 billion in October from GBP 9.34 billion in September.
The total trade deficit posted deficit for the first time in seven months. The shortfall came in at GBP 1.74 billion versus a surplus of GBP 613 million in September.
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