UK economy shrank unexpectedly in October

"The UK's economy shrank unexpectedly in October, according to the latest official figures. The economy contracted by 0.1%, the Office for National Statistics (ONS) said, whereas economists had been expecting it to grow by 0.1%. Over the three months to the end of October the economy also shrank by 0.1%, as manufacturing output fell and services growth stalled, the ONS said."

"Over the three months to October, production output shrank by 0.5%, largely driven by a 17.7% fall in vehicle manufacturing. The cyber-attack on Jaguar Land Rover halted production at its plants across the UK for the whole of September, and there was a staged return to factory activity from early October. The resumption of vehicle manufacturing helped lift production output across the UK for that month, which grew by 1.1%."

"Within production, there was continued weakness in car manufacturing, with the industry only making a slight recovery in October from the substantial fall in output seen in the previous month,"

The UK economy contracted by 0.1% in October, versus economists' expectations of 0.1% growth. Over the three months to the end of October the economy also fell by 0.1%. Production output declined by 0.5% across the quarter, largely due to a 17.7% drop in vehicle manufacturing. A cyber-attack on Jaguar Land Rover halted production in September, with a staged return to factories in early October; vehicle output rose in October but remained below August levels. Services showed no growth in the three months to October. The government said it will pursue measures such as cutting energy bills and investing in infrastructure to boost growth.

Read at www.bbc.com