Britain's economy showcased surprising growth of 0.1% in the last quarter of 2024, alleviating pressures on Chancellor Rachel Reeves amid earlier stagnation. This growth followed a flatlining summer and surpassed forecasts by economists and the Bank of England, which had predicted a decline. The services sector fueled December's better-than-expected 0.4% growth, contrasting with prior weak months. However, production continued to decline for the fifth consecutive quarter. While certain industries saw growth, concerns over diminished hiring and underwhelming retail performance lingered, reflecting broader economic uncertainties.
The economy picked up in December after several weak months, meaning, overall, the economy grew a little in the fourth quarter of last year.
Figures show gross domestic product rose by 0.1% in the fourth quarter of 2024 after zero growth in the previous three months, surpassing expectations.
The latest snapshot will provide a shot in the arm for Labour after Reeves faced intense criticism for denting business and consumer confidence.
Business surveys after the October budget had indicated a fall in hiring and weakness in private sector activity, while retailers warned of a disappointing Christmas.
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