The UK economy experiences another contraction, decreasing by 0.1% in October.

• The U.K.'s Office for National Statistics reported that Britain's economy unexpectedly contracted in October.
• The latest print revealed that GDP decreased by 0.1% for the second consecutive month.
• The British pound was trading lower against the dollar Friday morning.

In October, the U.K. economy experienced an unforeseen contraction, as indicated by statistics from the Office for National Statistics (ONS).

The ONS announced that Gross Domestic Product fell by an estimated 0.1% on a monthly basis, according to officials, who attributed the decline to a decrease in production output. In contrast, economists polled by Reuters had predicted a 0.1% increase in GDP for October.

The country experienced its second consecutive economic downturn, with a 0.1% GDP decline in September.

The ONS reported that Real GDP grew 0.1% in the three months to October, compared to the previous three months ending in July.

The disappointing print caused Sterling to decline by 0.3%, trading at $1.2627 against the U.S. dollar at 7:45 a.m. London time.

On Friday, Rachel Reeves, the U.K. Finance Minister, acknowledged that the October figures were disappointing but defended the government's divisive economic strategies.

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