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The production sector fell by 0.8 per cent in the quarter, driven by a decline in manufacturing output. There were falls in expenditure terms in net trade and gross fixed capital formation for Q4 2024 that were offset by a large increase in change in inventories.
Nominal gross domestic product (GDP) is estimated to have increased by 1.1 per cent in Q4 2024. Real GDP per head is estimated to have fallen by 0.1 per cent in the quarter.
Real GDP increased by 0.9 per cent across 2024, while real GDP per head fell by 0.1 per cent.
Monthly real GDP is estimated to have grown by 0.4 per cent in December last year following an unrevised growth of 0.1 per cent in November, an ONS release said.
Real GDP is estimated to have grown by 0.1 per cent in the three months to December 2024 compared with the three months to September 2024, mainly because of growth in the services sector.
Production output grew by 0.5 per cent in December last year, following a fall of 0.5 per cent (revised down from a fall of 0.4 per cent earlier) in November.
Output GDP is estimated to have grown by 0.8 per cent year on year in 2024.
Fibre2Fashion News Desk (DS)