UK economy expands in Q4 ’24

UK gross domestic product (GDP) grew by 0.1 per cent in the fourth quarter of 2024, following stagnant growth in the previous quarter, according to the Office for National Statistics (ONS). The services sector rose by 0.2 per cent, and construction output increased by 0.5 per cent, while production fell by 0.8 per cent.

In expenditure terms, declines in net trade and gross fixed capital formation were balanced by a significant rise in inventories. Nominal GDP rose by 1.1 per cent, mainly due to higher employee compensation.

Real GDP per head declined by 0.1 per cent in Q4 2024. For the full year, real GDP grew by 0.9 per cent, but real GDP per head fell by 0.1 per cent.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama