Service industry helps give late boost to UK's economic growth

The UK economy grew by 0.1% in the last quarter of 2024, according to the Office for National Statistics. The figure was This was above analyst expectations of a -0.1% fall and better than the previous quarter, which was stagnant.

The figure, although small, is cheering news for the UK's Labour government, which is insisting that its focus remains on economic growth. However, the UK economy is still dealing with relatively slower growth than some of its other G7 counterparts. 

The fourth quarter's growth was mainly driven by a boost in the services sector, which grew by 0.2%, as well as the building industry, which rose by 0.5%. 

On the other hand, production dropped for the fifth consecutive quarter, falling by 0.8%, mainly because of a 0.7% slowdown in manufacturing. The pharmaceuticals, transport equipment, quarrying and mining sectors also experienced declines. 

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