The UK’s estimated economic growth for 2024 has been revised upwards, data published by the Office for National Statistics (ONS) showed Friday.
The ONS said real annual GDP is expected to have grown by 1.1% in 2024, revised up from the first estimate increase of 0.9%. This is up from an unrevised increase of 0.4% in 2023.
UK real gross domestic product is estimated to have increased 0.1% quarter-on-quarter for the three months ending December, unrevised from the initial estimate, ONS noted. This was in line with an FXStreet-cited consensus, and unchanged from growth seen in the previous quarter.
On an annual basis, UK GDP is estimated to have increased 1.5% during the fourth quarter, beating an expected 1.4% rise.
“Looking at our more timely monthly estimates, GDP was estimated to have fallen by 0.1% in January 2025, largely because of a decline in production output,” added the ONS.
“The services sector increased by 0.1% in output terms for quarter 4, 2024; construction also grew, by 0.3%, while production fell by 0.4%.”
Real GDP per head falls 0.1% during the quarter, unrevised from the first estimate and up 0.5% on-year.
Separately, the ONS reported that the UK’s trade in goods deficit widened by GBP400 million to GBP55.6 billion in the three months to January, while the trade in services surplus is estimated to have decreased by GBP100 million to GBP50.0 billion.
By Emily Parsons, Alliance News reporter
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