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UK Economy Contracts by 0.1% in October, Defying Expectations

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Source: CNBC
UK Economy Contracts by 0.1% in October, Defying Expectations
Photo: CNBC
TL;DR

The UK economy unexpectedly contracted by 0.1% in October, marking the second consecutive month of decline, according to the Office for National Statistics. This downturn, attributed to a drop in production output, contrasts with economists' expectations of a 0.1% growth. The British pound fell 0.3% against the US dollar following the news. UK Finance Minister Rachel Reeves acknowledged the disappointing figures but defended the government's economic policies.

Topics:businesseconomy#currency-impact#economic-contraction#economy#gdp#office-for-national-statistics#uk-economy
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  1. UK economy shrinks unexpectedly by 0.1% in October  CNBC
  2. UK’s economy shrinks unexpectedly by 0.1% in October  The Guardian
  3. UK economy contracts unexpectedly by 0.1% in October  Reuters.com
  4. UK Economy Shrinks By 0.1 Percent In October: Official Data  Barron's
  5. UK Economy Unexpectedly Shrinks at Start of Fourth Quarter  Bloomberg

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