Office for National Statistics (ONS) GDP release for Q4 2024

UK GDP Growth Slows to 0.1% in Q3; September Output Contracts 0.1%

Nov 15, 2024, 08:13 AM

The UK economy grew by 0.1% in the third quarter of 2024, according to data released by the Office for National Statistics (ONS), marking a slowdown from the 0.5% growth recorded in the second quarter and falling short of analysts' expectations of 0.2%. Growth was driven by a 0.8% expansion in construction, while services grew by 0.1% and production fell by 0.2%. The economy contracted by 0.1% in September, contrary to expectations of a 0.2% increase. The ONS also reported that the economy grew by 1.0% compared to the same quarter a year ago. The Labour government, in power for three months under Prime Minister Keir Starmer, faces challenges in fulfilling its pledge to prioritize economic growth. Chancellor Rachel Reeves expressed dissatisfaction with the figures, stating that improving economic growth is at the heart of her agenda. Critics point out that the UK was previously the fastest-growing economy in the G7, and the Office for Budget Responsibility forecasts lower future growth under the current budget.