Fears of recession allayed after better-than-expected GDP figures
The UK economy grew marginally in the last quarter of 2024, according to figures from the Office for National Statistics (ONS), released this morning (February 13).
The ONS reported a 0.1% rise in GDP for the three months to December, allaying immediate fears of recession. In December alone, 0.4% growth was recorded.
ONS director of economic statistics, Liz McKeown, said: “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.
“In December, wholesale, film distribution and pubs and bars all had a strong month, as did manufacturing of machinery and the often-erratic pharmaceutical industry. However, these were partially offset by weak months for computer programming, publishing and car sales.”
Chancellor Rachel Reeves was bullish as the figures broke. She said: “For too long, politicians have accepted an economy that has failed working people. I won’t.
“After 14 years of flatlining living standards, we are going further and faster through our Plan for Change to put more money in people’s pockets.
“That is why we are taking on the blockers to get Britain building again, investing in our roads, rail and energy infrastructure, and removing the barriers that get in the way of businesses who want to expand.”
