The UK economy shrank in September, according to new figures from the Office for National Statistics (ONS).
Monthly GDP (gross domestic product), a key measure of economy growth, is estimated to have fallen by 0.1%, below expectations for no growth. In part impacted by cyber attack disruption at Jaguar Land Rover, it follows no growth in August and a GDP fall of 0.1% in July.
It reflects, across key sectors, services and construction activity growing 0.2% month-on-month and production activity dipping 2% month-on-month. The fall in production was largely because of a drop in the manufacture of motor vehicles, trailers and semi-trailers.
For the three months to September, real GDP rose 0.1%, compared with the three months to June. This saw services output grow by 0.2%, production output decline by 0.5%, and construction output increase by 0.1%.
Ben Jones, CBI lead economist, said: “The latest data underline how fragile the recovery remains, with the economy close to flatlining. Weak activity and waning confidence ahead of the Budget are clear warning signs that the government’s growth mission is faltering.
“The Chancellor faces a pivotal choice later this month. Businesses need a clear signal that the Government is serious about unlocking investment and boosting competitiveness – not another round of tax rises or short-term fixes that would deepen the drag on growth.”
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