“GDP growth remained disappointing, showing no progress for five consecutive months, due to weaker activity across a broad swathe of the economy. Construction, manufacturing and consumer-facing services saw the steepest declines, which could curtail further growth before the end of the year.
“October activity was held back by uncertainty ahead of the Budget, with consumer and business confidence near recent lows. The fourth quarter could see a weaker pace of growth, as businesses come to terms with the higher tax burden announced at the Budget as well as rising geopolitical uncertainties.
“Nevertheless, we expect higher public spending to lift GDP growth next year, with lower interest rates providing some boost to private sector demand.”
