Gross domestic product (GDP) growth grew by 0.1 per cent in the last quarter, following no growth in the economy the previous quarter, according to the latest figures from the Office for National Statistics (ONS) figures.
Chancellor Rachel Reeves has promised to “kickstart the economy” and focus on bolstering GDP growth during her tenure in the economy, however analysts will be questioning whether this level will be enough.
Despite the UK avoiding a recession since Labour returned to power, which occurs when an economy experiences two consecutive quarters of negative growth, the current GDP rate appears to be flatlining.
While appearing on GB News this morning, Shadow Chancellor Mel Stride said Reeves is managing an economy “which is going nowhere at all”.
In a statement, the Chancellor 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.
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GDP in the UK only grew by 0.1 per cent over the last quarter
PA / GETTY
“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.”
According to the ONS figures, it is estimated that the economy expanded by 0.4 per cent in December, which is better than most analysts expected.
Prior to this, the UK’ GDP jumped by only 0.1 per cent in both October and November, coming to 0.1 per cent growth overall for the quarter.
For the full year to December 2024, these latest figures for the ONS mean the economy grew by 0.9 per cent overall in 2024.
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