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UK economy shrinks for second month, contracting 0.1% in October
The U.K. economy contracted unexpectedly in October amid uncertainty from businesses and consumers ahead of the newly elected government’s budget announcement. Gross Domestic Product fell by an estimated 0.1% on a monthly basis, the ONS said Friday, with officials attributing the downturn to a decline in production output. Economists polled by news agency Reuters had projected a 0.1% rise in GDP in October. It marked the country’s second consecutive economic downturn, following a 0.1% GDP decline in September. Real GDP is estimated to have grown 0.1% in the three months to October, the ONS said, compared to the ... (full story)