The British economy contracted by 0.6% month-over-month in September of 2022, following a downwardly revised 0.1% decline in August, and worse than market forecasts of a 0.4% fall. It marks a second consecutive month of falling economic activity and probably the beginning of a long recession while the additional bank holiday for the Queen's funeral also weighed, as many businesses closed or operated differently on that day. The services sector went down 0.8%, led by a 3.2% fall in information and communication activity, and a 2% drop in wholesale and retail trade, and repair of motor vehicles and motorcycles. Also, output in consumer-facing services fell by 1.7%. On the other hand, industrial production edged 0.2% higher, prompted by a 1.5% jump in electricity, gas, steam and air conditioning supply. Also, construction grew 0.4%. source: Office for National Statistics
Monthly GDP MoM in the United Kingdom averaged 0.16 percent from 1997 until 2022, reaching an all time high of 9.00 percent in June of 2020 and a record low of -20.90 percent in April of 2020. This page includes a chart with historical data for the United Kingdom Monthly GDP MoM. United Kingdom Monthly GDP MoM - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022.
Monthly GDP MoM in the United Kingdom is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom Monthly GDP MoM is projected to trend around 0.40 percent in 2023 and 0.30 percent in 2024, according to our econometric models.