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UK economy stagnates in Q3, delivering fresh blow to government
Posted on December 24, 2024 |
Britain’s economy showed no growth in the first three months of Prime Minister Keir Starmer’s government, adding to concerns about a slowdown.
The Office for National Statistics (ONS) revised Q3 GDP growth to 0.0%, down from the previous estimate of 0.1%.
The ONS also cut Q2 growth to 0.4% from 0.5%, showing weaker-than-expected performance.
Analysts predict zero growth for the UK economy in the second half of the year, citing a cautious government outlook.
The Bank of England forecasts no growth in Q4, but keeps interest rates steady due to ongoing inflation risks.
Weaker export demand and flat services sector contributed to the GDP downgrade, while consumer spending and business investment held steady.