UK Economy Contracts 0.1% in October

Britain's economy contracted unexpectedly by 0.1 percent in October, marking the second consecutive monthly decline and underscoring a prolonged slowdown, according to figures released Friday by the Office for National Statistics.

The data showed gross domestic product falling 0.1 percent for the month, contrary to economists' expectations of a 0.1 percent rise. Over the three months ending in October, GDP also shrank by 0.1 percent, following 0.1 percent growth in the prior quarter. This means the economy has shown no expansion since June, with output flat or declining over the past four months. Year-on-year, GDP rose 1.1 percent in October, below the 1.4 percent forecast.

The downturn was driven by weakness across key sectors. Services, which dominate the economy, contracted 0.3 percent in October, missing predictions of flat performance, with retailers facing particular challenges. Construction output fell 0.6 percent, while production grew 1.1 percent for the month but remained subdued overall. A major factor was the lingering impact of a cyberattack on Jaguar Land Rover in September, which halted production for over a month and caused a 28.6 percent plunge in car...