PRESS RELEASE : October 2022 GDP Figures Released by ONS – Growth of 0.5% [December 2022]

The press release issued by the ONS on 12 December 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.