The UK economy partially recovered in October at a slightly faster pace than expected.
According to Reuters, the country's gross domestic product grew by 0.5% in October after contracting by 0.6% in September, according to data from Britain's Office for National Statistics.
A Reuters poll of economists had indicated a rebound of 0.4%.
This recovery compared to its performance in September, when production was affected by a one-time public holiday to commemorate the funeral of Queen Elizabeth, but the risk of recession remains, according to official data released today, Monday.
Commenting on the data, Chancellor of the Exchequer Jeremy Hunt said: While today's numbers show some growth, I want to be honest there is a tough road ahead.
He added, Like the rest of Europe, we are not immune from the aftershocks of Covid-19, Putin's war, and high global gas prices.
In the three months through October, Britain's economy shrank by 0.3%, a drop below the median forecast for a 0.4% contraction in a Reuters poll, but the biggest decline since early 2021.
Last month, the Bank of England - which looks set to raise interest rates for the ninth consecutive meeting on Thursday, to contain risks from an inflation rate above 11%, said the British economy appeared poised for a two-year recession.
He noted that even without further interest rate increases, the economy will contract in five of the six quarters through the end of 2023.
