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UK Gross Domestic Product (GDP) in January 2025 is expected to record a month-over-month increase of 0.1%. This comes after an increase of 0.4% in December 2024 and by 0.1% in November 2024, which may mean that the growth rate is slowing at the beginning of the year. The GDP is the worth of the product and service that the UK is producing, about the size and performance of Britain's economy.
In December 2024, the UK's GDP increased by 0.4%, headed by the service and manufacturing sectors, although construction decreased marginally. In the fourth quarter of 2024, the GDP increased by 0.1%, despite the reality that no growth was recorded in the third quarter. The service sector has remained a consistent growth driver, while the manufacturing sector has experienced the phenomenon of output decline.
Today's release of data which includes coverage of the January 2025 GDP publication will be significant in monitoring current economic trends and providing the position of the UK economy at the start of the year. Today's data release includes revisions to past data, and the January 2024 to November 2024 period is now open to revision. The response percentages for mean turnovers for the years 2022 and 2023 were 94.8% and 95.3%, and that of the year 2024 averaged out at 91.8%.
