The UK’s real gross domestic product (GDP) increased by 0.1% in the fourth quarter of 2024 (October to December), unchanged from the initial estimate.
Among the eight quarters subject to revision, GDP growth remained the same in five, while growth for Q4 2023 to Q2 2024 was revised upward by 0.1 percentage points.
In Q4 2024, the services sector grew by 0.1%, and construction output increased by 0.3%, helping support overall economic activity. However, this was offset by a 0.4% decline in production output, reflecting continued weakness in manufacturing and related industries.
For the full year, real GDP growth in 2024 was revised up to 1.1% from the previous estimate of 0.9%. This follows a 0.4% increase in 2023, which remained unchanged. The report incorporates updated data revisions from Q1 2023 through Q4 2024, reflecting more accurate trade figures for both goods and services.
GDP per capita fell by 0.1% in Q4 2024, consistent with earlier estimates. For the year as a whole, GDP per capita showed no growth, a slight improvement from the initial projection of a 0.1% decline.
Real household disposable income (RHDI) per capita rose by 1.7% in Q4 2024, marking a strong rebound from 0.6% growth in Q3. At the same time, the household savings rate increased to 12.0%, up from 10.3% in the previous quarter, suggesting improved financial resilience among UK households.
Source: Office for National Statistics
The U.S. dollar extended its gains on Tuesday, weighing on major currencies and precious metals as markets digested recent trade developments and looked ahead to this week’s Federal Reserve policy decision.
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Dollar Down Weekly; Euro, Silver, and Stocks Rise Before Fed (28 July - 1 August)The dollar index rose to 97.8 but ended the week lower, as traders weighed trade progress and awaited the Fed’s decision. The Fed is expected to hold rates steady, with two cuts priced in by year-end. The euro neared $1.175, its highest since 2021, supported by the ECB’s rate pause and geopolitical concerns. The yen edged up after a 15% tariff cap on Japanese goods, while persistent inflation kept BOJ hike expectations alive. The pound slipped to $1.347 as weak UK data fueled bets for a BoE cut in August.
Detail Euro Gains, Risk Appetite Returns (07.28.2025)U.S.–EU trade deal eased global tensions, lifting the euro and increasing risk appetite.
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