No growth in UK economy in third quarter

The UK's real Gross Domestic Product (GDP) is estimated to have shown no growth in in the third quarter of 2024 (July to Sept), a figure revised down from the first estimated increase of 0.1%.

However, compared with the same quarter in 2023, GDP is estimated to have increased by 0.9%.

“Early estimates show that real GDP per head, fell by 0.2% in quarter three 2024, and is 0.2% lower compared with the same quarter a year ago,” said the ONS report, which was released today (23 December).

“Looking at our more timely monthly estimates of GDP, it was recently estimated that the economy fell by 0.1% in October 2024, largely because of a decline in production output.”

The report also said early estimates of real households’ disposable income per head showed no growth in the quarter, following growth of 1.4% in the previous quarter.

The latest figures come following disquiet within the retail sector over proposed business rates reform and concerns that any increase might have on jobs.

Retailers, including M&S, Asda and Tesco, are planning a campaign in the new year to warn against the potential threat to jobs, reported Sky News at the weekend.