Britain's economy unexpectedly contracted in October as production and construction output slowed.
Gross domestic product (GDP) dropped by 0.1% month on month, according to estimates by the Office for National Statistics, following a 0.1% fall in September.
Production output declined by 0.6% in October, driven by “falls in manufacturing, and mining and quarrying output,” the ONS said, and after a 0.5% drop a month earlier.
Construction declined by 0.4% in the meantime, on the back of a 0.1% uptick through September, while service sector growth remained stagnant.
GDP was up 0.1% over the three months to October and increased by 1.3% year on year.
Consensus had been for growth of 0.1% over the month and a 1.6% improvement year on year.
"Oil and gas extraction, pubs and restaurants and retail all had weak months, partially offset by growth in telecoms, logistics, and legal firms," ONS director Liz McKeown noted.
The Institute of Economic and Social Research pointed to both geopolitical issues and the likes of uncertainty around October’s Autumn Budget as playing a part across the economy.
“A weakening export climate amid rising global policy uncertainties and declining business confidence, exacerbated by the impact of recently announced budget measures, raises concerns about sustaining the growth momentum,” it said.
“The economy is in limbo, and there’s an overall ‘wait and see’ feeling, neither upbeat nor downbeat, ahead of trade developments in the next few months,” Forvis Mazars economist George Lagarias added.