The UK economy expanded by 0.1 per cent in the fourth quarter of 2024 compared to the previous three months, according to preliminary data from the Office for National Statistics (ONS) released on Thursday.
Analysts on average had forecast a 0.1% contraction, Trading Economics reported. British GDP was unchanged in the third quarter.
The services sector recorded a 0.2% growth in October-December, the construction sector grew by 0.5%, while the manufacturing sector contracted by 0.8%.
Consumer spending was almost unchanged. Business capital investment fell 0.9%. Government spending rose 0.8%.
Exports declined 2.5% (the third consecutive quarter of decline). Imports increased by 2.1%. The increase in British GDP in the fourth quarter amounted to 1.4% compared to the same period last year.
The quarterly growth followed stagnation in the previous three months and may ease pressure somewhat on Treasury chief Rachel Reeves, who critics say is partly responsible for the slowdown in economic growth since Labour returned to power in July.
Last week, the Bank of England halved its 2025 growth forecast for the British economy to 0.75 per cent, cutting its key interest rate to 4.50 per cent.
