The UK economy remained in the doldrums, registering a surprise decline in October, numbers on Friday showed.

According to the Office for National Statistics, UK gross domestic product fell 0.1% in October from a month prior. In September, GDP had fallen at the same rate.

Growth of 0.1% was expected for October, however, according to consensus cited by FXStreet.

The ONS said the weak reading for October was ‘largely because of a decline in production output’.

‘Monthly services output showed no growth in October 2024 after also showing no growth in September 2024, but grew by 0.1% in the three months to October 2024,’ the ONS said.

‘Production output fell by 0.6% in October 2024, because of falls in manufacturing, and mining and quarrying output, following a fall of 0.5% in September 2024; production output fell by 0.3% in the three months to October 2024.’

The ONS said monthly production output in October was at the lowest since May 2020.

Separate data from the ONS showed the UK trade deficit stretched slightly in October.

The trade deficit widened to £3.72 billion in October, from £3.46 billion in September and £3.47 billion in October 2023.

Exports rose 1.0% to £68.88 billion in October from £68.20 billion in September. Imports rose at a faster pace of 1.3% to £72.60 billion from £71.67 billion.

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