UK says economy grows 0.2% in January, declines 0.3% year-on-year – Economic News

The UK economy grew by 0.2% in January, the second advance in the past three months, after faltering at the end of last year, according to data from the UK Office for National Statistics.

In the annual comparison, UK GDP fell by 0.3% compared to January 2023, which in this case represents its third decline in the past four months.

The ONS said: “Services production grew by 0.2% in January 2024 and was the one that contributed most to the increase in GDP, but in the three months ending January 2024, services production did not show growth.” , in the current situation. “Industrial production fell by 0.2% in January 2024, and in the three months to January production also fell by 0.2%.”

The economy's performance met the expectations of analysts surveyed by the financial portal Investing.com, who expected monthly growth of 0.2% in January and a decline of 0.3% year-on-year.