UK economy beats expectations and grows 0.1% in final quarter of 2024

After zero growth in Q3

The UK economy grew by 0.1% in the final three months of 2024, taking Reuters economists by surprise, who expected GDP to decline by 0.1% over the period.

According to data from the Office for National Statistics, the services sector grew by 0.2% from the previous quarter, while construction output expanded by a more significantly 0.5% in the three-month period. Meanwhile, production across the country fell by 0.8% from Q3 2024, the fifth consecutive quarterly decline, with 11 out of 20 sub-sectors registering growth across Q4, according to early estimates from the ONS. UK inflation lowers to 2.5% in December For 2024 as a whole, production fell by 1.7%, according to UK's national statistics agency. In December, the ONS updated it...