GDP Monthly Estimate: October 2024

In October, the industry which made the biggest contribution to overall GDP was Information and Communications Services, which contributed 0.2 percentage points of contraction to headline GDP.

As reported by the Office for National Statistics, there were some common themes that were anecdotally reported (as part of the UK-wide Monthly Business Survey (MBS) for production and services) to have played a part in performance across different industries. However, it is difficult to quantify the exact impact.

A range of industries across the production and services sectors reported mixed comments around the UK Autumn Budget 2024 announcement that took place on 30 October 2024. Those who were negatively affected stated that turnover was affected, as customers waited for the outcome of the UK Autumn Budget 2024. These comments came from a range of industries, but were mainly from manufacturers, wholesalers, retailers, computers programmers, professional services, and employment agencies. 

There were some positive comments that cited the UK Autumn Budget 2024 had brought forward activity in anticipation of the various announcements. These comments were seen in wholesale, real estate, legal services, and accountants.