THE UK economy grew by just 0.1% in the final quarter of 2024. The latest figures from the Office for National Statistics (ONS) reveal Gross Domestic Product (GDP) rose marginally between October and December. However, today's figures also show that economic activity in the third quarter is unrevised, meaning growth there was no growth in the period between July and September. GDP is one of the main indicators used to measure the performance of a country's economy.
![[Silhouetted business people walking in front of London's skyline.]](https://www.thesun.co.uk/wp-content/uploads/2024/12/shomos-3600jpg-JS924975704.webp?strip=all&w=300)
When GDP goes up, the economy is generally thought to be doing well. GDP increased largely due to the services sector, which rose by 0.2% in the final quarter. Meanwhile the production sector shrank by 0.2%, offset by construction, which grew by 0.5%. Chancellor Rachel Reeves vowed not to accept an "economy that has failed working people". She said in a statement: "For too long, politicians have accepted an economy that has failed working people. I won’t.
