UK economy unexpectedly grew at end of 2024 despite recession fears | Personal Finance | Finance

The UK economy eked out growth in the final quarter of last year after better-than-expected expansion in December, according to official figures.

The Office for National Statistics (ONS) said gross domestic product (GDP) edged 0.1% higher between October and December, following no growth in the previous three months.

The ONS estimated that the economy expanded by 0.4% in December, which is better than most analysts expected, and marked a pick up following a 0.1% rise in November and a 0.1% fall in October.

The fourth quarter figures means the economy grew by 0.9% overall in 2024.

Chancellor Rachel Reeves said: “After 14 years of flatlining living standards, we are going further and faster through our plan for change to put more money in people’s pockets.”

“That is why we are taking on the blockers to get Britain building again, investing in our roads, rail and energy infrastructure, and removing the barriers that get in the way of businesses who want to expand.”