UK economy failed to grow in third quarter of 2024

The UK economy flatlined in the third quarter of the year, according to revised official figures.

The Office for National Statistics said that UK gross domestic product (GDP) showed no growth between July and September, in the run up to the Autumn budget.

Statisticians had previously estimated 0.1% growth for the quarter.

The ONS also revised down its growth reading for the second quarter of 2024, to 0.4%. In September, it said it thought GDP had increased by 0.5%, which was itself a reduction on previous estimates.

The downbeat economic readings provide a blow to Chancellor Rachel Reeves and the Government’s hopes to grow the economy rapidly.

ONS director of economic statistics Liz McKeown said: “The economy was weaker in the second and third quarters of this year than our initial estimates suggested with bars and restaurants, legal firms and advertising, in particular, performing less well.

“The household saving ratio fell a little in the latest period, though remains relatively high by historic standards.

“Meanwhile, real household disposable income per head showed no growth.”

Published: 23/12/2024 by Radio NewsHub