GDP grows by 0.2% in January

Monthly real gross domestic product (GDP) is estimated to have grown by 0.2% in January 2024, following a fall of 0.1% in December 2023.

This comes after the ONS reported that the UK fell into recession in the last quarter of 2023.  

Real GDP is estimated to have fallen by 0.1% in the three months to January 2024, compared with the three months to October 2023.

Services output grew by 0.2% in January, and was the largest contributor to the rise in GDP, but in the three months to January services output showed no growth.

Production output, however, fell by 0.2% in the first month of the year, and in the quarter to January 2024 production output also fell by 0.2%.

Construction output grew by 1.1% in January 2024, but in the three months to January 2024 construction output fell by 0.9%.

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