UK GDP - Q3 2024 First Quarterly Estimate

GDP

UK GDP increased by 0.1% in Q3 2024, following growth of 0.5% in Q2 2024. Compared with the same quarter a year ago, GDP is estimated to have increased by 1.0%.
Monthly GDP showed a 0.1% decline in September 2024, following unrevised growth of 0.2% in August and no growth in July.
Real GDP per head fell by 0.1% in Q3 2024 and remained flat compared to the same period last year.

Real GDP is estimated to have increased by 0.1% in Q3 2024

Source: ONS

By Sector

Services

Services expanded by 0.1%, with eight out of 14 sub-sectors showing growth.
Professional, scientific, and technical activities grew by 0.7%, driven by widespread increases across five industries.
Wholesale and retail trade, including motor vehicle repairs, increased by 0.6%, led by a 1.9% rise in retail trade, excluding motor vehicles and motorcycles.
Consumer-facing services increased by 0.5%, while non-consumer-facing services showed no growth.

Production

The production sector declined by 0.2%, with manufacturing output increasing by 0.2%.
Within manufacturing, basic metals and metal products grew by 1.4%, contributing positively.
Electricity, gas, steam, and air conditioning supply fell by 2.7%, driving the overall decline.

Construction

Construction output grew by 0.8%, following three consecutive quarterly falls.
New work increased by 2.0%, led by a 2.8% rise in infrastructure new work.
Repair and maintenance fell by 0.6%, primarily due to a 5.8% decline in private housing repair and maintenance.

Household consumption

Household consumption increased by 0.5%, with significant contributions from housing, miscellaneous goods, and clothing and footwear.
Net tourism had no impact on GDP growth in Q3 2024.

Government Consumption

Government consumption grew by 0.6%, primarily driven by increased expenditure in education and higher school attendance rates.

Nominal GDP

Nominal GDP increased by 0.8%, driven by compensation of employees and other income.

Implied GDP Deflator

The implied GDP deflator rose by 0.7% in Q3 2024, driven by lower import prices, contributing positively to GDP.

International Comparisons

Compared with other G7 countries, the UK GDP growth rate of 0.1% in Q3 2024 was among the lowest, while the United States and Japan experienced higher growth rates of 0.7% and 0.7%, respectively, while the Eurozone experienced a 0.4% expansion.