ONS: UK trade gap narrowed in October

<p>The UK’s trade gap has been narrowed.</p>

New data released by the Office for National Statistics (ONS) shows that the trade gap in the UK was narrowed during October.

According to figures revealed today (December 10th), the country's goods trade deficit narrowed to £9.7 billion over the course of the month, which is compared with £10.1 billion in September.

ING economist Rob Carnell stated that the latest data is a positive sign for the UK's economy.

"This will provide a robust starting point for the fourth quarter and bodes well for fourth quarter GDP if not undermined by the service sector – which we think unlikely," he added.

As well as the trade gap data, the ONS revealed that the UK Index of production grew by 0.4 per cent in the month. This is among the key components of gross domestic product.

It was noted by the ONS that the increase comes after a slowdown from the 0.9 per cent rise in September, which could be a positive sign for the UK's economic growth.

Chancellor George Osborne recently insisted that the austerity plan put into place by the coalition government since it came to power in May 2010 has been a success.

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