The British economy recovered from the one-time public holiday marking Queen Elizabeth’s funeral in September a little more strongly than was anticipated in October, but a recession is still expected, according to official data released.
Following a 0.6% contraction in September, the gross domestic product increased by 0. 5%, according to the Office for National Statistics. The facts are unlikely to alter investors’ and analysts’ assessments of Britain’s economy’s gloomy outlook for 2023. Finance Minister Jeremy Hunt said there was a “tough road” ahead in response to the data.
In order to reduce the risks associated with inflation above 11%, the Bank of England, which is expected to raise interest rates for a ninth consecutive meeting, stated last month that Britain’s economy looked set for a two-year recession if interest rates rose as much as investors had been pricing.