UK GDP stagnates in Q3 2024

The UK economy showed no growth in Q3 2024, with GDP revised down from an earlier estimate of a 0.1 per cent increase, according to updated figures from the Office for National Statistics (ONS).

This marks a stagnant quarterly path since Q1 2023, with downward revisions of 0.1 per cent for Q2 and Q3 2024.

The services sector saw no growth, while a 0.7 per cent rise in construction was offset by a 0.4 per cent decline in production. Real GDP per capita fell by 0.2 per cent in Q3, leaving it 0.2 per cent lower compared to the same period last year.

Households faced economic pressure as disposable income per head stagnated in Q3, following 1.4 per cent growth in Q2. Meanwhile, the household saving ratio dipped slightly to 10.1 per cent from 10.3 per cent in the previous quarter.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama