{"id":1812,"date":"2024-12-13T10:33:00","date_gmt":"2024-12-13T10:33:00","guid":{"rendered":"https:\/\/otetmarkets.com\/blog\/?p=1812"},"modified":"2024-12-13T10:33:01","modified_gmt":"2024-12-13T10:33:01","slug":"uk-economy-contracts-in-october-2024","status":"publish","type":"post","link":"https:\/\/otetmarkets.com\/blog\/news\/uk-economy-contracts-in-october-2024\/","title":{"rendered":"UK Economy Contracts in October 2024"},"content":{"rendered":"\n<p>The British economy contracted by 0.1% month-over-month in October 2024, following a similar decline in September. This result fell short of market forecasts, which had anticipated a 0.1% expansion. The contraction highlights ongoing challenges in the UK economy as various sectors struggle to maintain momentum amid global and domestic pressures.<\/p>\n\n\n\n<figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"481\" data-id=\"1823\" src=\"https:\/\/otetmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/IMG_20241213_133055_130-1024x481.jpg\" alt=\"\" class=\"wp-image-1823\" srcset=\"https:\/\/otetmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/IMG_20241213_133055_130-1024x481.jpg 1024w, https:\/\/otetmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/IMG_20241213_133055_130-300x141.jpg 300w, https:\/\/otetmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/IMG_20241213_133055_130-768x361.jpg 768w, https:\/\/otetmarkets.com\/blog\/wp-content\/uploads\/2024\/12\/IMG_20241213_133055_130.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Contributing Sectors<\/strong><\/h2>\n\n\n\n<p>The largest contributor to the economic decline was the production sector, which saw a 0.6% drop. Manufacturing was particularly weak, with notable declines in pharmaceutical products and preparations (-2.6%), machinery and equipment (-2.8%), and chemicals (-3.7%). Additionally, the mining and quarrying sector dropped by 3.1%, while sewerage and waste management edged 0.2% lower. On the positive side, utilities grew by 1.4%, offering some support to the overall economy.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Services and Construction Show Weakness<\/strong><\/h3>\n\n\n\n<p>Construction fell by 0.4% in October, contributing further to the economic contraction. The services sector showed no overall growth, as gains in information and communication (up 0.9%)\u2014particularly telecommunications (up 2.8%)\u2014were offset by declines in other areas. Support services dropped by 0.8%, and employment activities fell by 2.3%, reflecting weaker performance across the sector.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Mixed Economic Performance<\/strong><\/h3>\n\n\n\n<p>According to Liz McKeown, ONS Director of Economic Statistics, \u201cOil and gas extraction, pubs and restaurants, and retail all had weak months, partially offset by growth in telecoms, logistics, and legal firms.\u201d The mixed performance across key sectors underscores the fragility of the UK\u2019s recovery, with some industries facing challenges while others show resilience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British economy contracted by 0.1% month-over-month in October 2024, following a similar decline in September. This result fell short of market forecasts, which had anticipated a 0.1% expansion. The contraction highlights ongoing challenges in the UK economy as various sectors struggle to maintain momentum amid global and domestic pressures. Key Contributing Sectors The largest [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1824,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,2],"tags":[37],"class_list":["post-1812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-economy-news","category-news","tag-financialnews"],"_links":{"self":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/1812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=1812"}],"version-history":[{"count":2,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/1812\/revisions"}],"predecessor-version":[{"id":1825,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/1812\/revisions\/1825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media\/1824"}],"wp:attachment":[{"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=1812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=1812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/otetmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=1812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}