MNI BRIEF: UK GDP Ends 2024 With Upside Surprise
MNI (LONDON) - The UK economy eeked out modest growth in Q4 2024, defying expectations of a contraction, data released by the Office for National Statistics showed Thursday.
The economy grew 0.1% in the 3 months to December, rising 1.4% compared to the same quarter in 2023. Month-on-month, December GDP rose 0.4%, the highest monthly growth since March, the stats office said. Growth was ahead of estimates of both City consensus and the Bank of England's Monetary Policy Committee, where expectations were for a decline of 0.1%. (see MNI INTERVIEW: Consumer Boost Lead For UK Growth- ONS Fitzner )
“The economy picked up in December after several weak months, meaning, overall, the economy grew a little in the fourth quarter of last year. Across the quarter, growth in services and construction were partially offset by a fall in production. GDP per head, in contrast, fell back slightly in the quarter," ONS Director of Economic Statistics Liz McKeown said.
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