From Morningstar: 2025-03-28 05:16:00

The UK’s economic growth for 2024 has been revised upwards by the Office for National Statistics (ONS), with real annual GDP expected to have grown by 1.1%, up from the initial estimate of 0.9% and higher than 2023’s 0.4% increase. Quarterly GDP remained steady in Q4, with a 1.5% annual rise.

In Q4 2024, the UK’s GDP saw a 0.1% increase quarter-on-quarter, meeting expectations and maintaining the previous quarter’s growth rate. The services sector grew by 0.1%, construction by 0.3%, while production fell by 0.4%. Real GDP per head remained unchanged on a quarterly basis but increased by 0.5% annually.

While the UK’s trade in goods deficit widened to GBP55.6 billion in the three months to January, the trade in services surplus decreased to GBP50.0 billion. The ONS reported these figures alongside the revised GDP estimates, noting a decline in production output as a factor in the January 2025 GDP decrease.

Overall, the UK’s economic outlook for 2024 looks positive, with GDP growth exceeding initial estimates and showing resilience in key sectors. The trade balance between goods and services remains a point of interest, with deficits widening in goods and surpluses decreasing in services. The ONS data provides valuable insights for policymakers and economists.



Read more at Morningstar: UK GDP Revised Upwards For 2024 to 1.1%