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
Global markets remained focused on U.S. fiscal concerns, shifting central bank expectations, and renewed Middle East tensions.
Fed Inflation Concerns RemainThe latest Federal Reserve minutes show that inflation remains a central concern for policymakers, even as recent economic data has reduced the urgency for another rate increase. Some officials believe price pressures are becoming more widespread, while a smaller group directly supported further tightening.
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Dollar Falls on Debt Concerns as Yields Rise (24 – 28 August)Global markets entered the week with the US dollar under continued pressure as concerns over federal debt and Treasury market management moved to the center of investor attention. The Dollar Index hovered near 98.8 following sharp losses in the previous week, while the US Treasury’s expanded bond buyback programme pushed longer-term yields and the dollar lower. The move supported gold, silver, and major currencies, while investors assessed its longer-term implications for US borrowing costs and the yield curve.
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