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Britain’s gross home product (GDP) decreased barely within the interval between October and December final yr, official figures show.
The Office for National Statistics (ONS) mentioned GDP had fallen by 0.3 per cent following a interval of no progress between July and September 2023.
Responding to Office for National Statistics gross home product quarterly nationwide accounts, Chancellor Jeremy Hunt mentioned: “Last year was tough as interest rates had to rise to bring down inflation, but we can see our plan is working.
“Inflation has fallen decisively from over 11% to 3.4%, the economy grew in January and real wages have increased for eight months in a row.
“Our cuts to National Insurance will boost growth by rewarding work and putting over £900 a year back into the average earner’s pocket.”
It comes after the quango estimated GDP had risen by 0.2 per cent in January, following a predicted decline of 0.1 per cent in December final yr.
At the time, it mentioned a powerful month for retail gross sales helped drive progress in January, with customers profiting from post-Christmas gross sales and spending extra in supermarkets.
The companies sector, which additionally contains industries like hospitality, tradition and leisure, grew by 0.2 per cent in the course of the month and was the most important contributor to the rise in GDP, the ONS estimated.
It was additionally mentioned to have been helped by improved exercise for housebuilders, due to new work and restore and upkeep jobs, following a sluggish yr for the broader housing market.
GDP per head is the quantity of financial output cut up throughout the entire inhabitants and shrank by 0.7 per cent in 2023, based on the ONS.
This is a breaking information story. More to observe.
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