U.K. Economy Fails to Grow Ahead of Brexit-Dominated Election

• The U.K. economy unexpectedly stagnated in October, marking three straight months without growth for the first time since 2009.
• Gross domestic product was unchanged following two consecutive months of decline, the Office for National Statistics said on Tuesday. Economists had forecast a 0.1% expansion. GDP rose just 0.7% from a year earlier, the smallest increase since June 2012.
• The services sector grew from September, as did manufacturing as stock building resumed ahead of the now-postponed Oct. 31 Brexit deadline. However, this was offset by lower oil production and the steepest drop in construction output since the beginning of 2018.
• Output flat-lined in the latest three months and Britain is on course for growth of little more than 1% this year, its worst performance since the financial crisis a decade ago. PMI surveys for November showed the economy contracting across the board.

(Source: Bloomberg)