UK ECONOMY SHOWS ZERO GROWTH IN Q3 – Q2 also revised down, Q4 has been given a 0% forecast
Britain’s gross domestic product (GDP) registered no growth in the third quarter of 2024, revised down from the first estimate increase of 0.1%, according to official data released.
According to Britain’s Office for National Statistics (ONS), from July to September, the services sector output saw no growth, while a 0.7-percent increase in construction was offset by a 0.4% fall in production.
For the GDP growth in the second quarter, the ONS also revised it to 0.5%, down from its first estimate of 0.6% growth.
The downward revision of GDP growth comes amid declining public confidence in the economy and increasing pressure on the Labor government, which assumed power in July after 14 years in opposition.
Data for the last quarter of the year do not look promising. Last week, Britain’s central bank, the Bank of England, forecast zero GDP growth in the fourth quarter, weaker even than the 0.3 % growth predicted in November.
