UK economy performed better than expected in 2024 - ONS

(Sharecast News) - The UK economy grew more strongly than initially thought last year, official data showed on Friday. The Office for National Statistics revised its estimate for real annual GDP in 2024 to 1.1% from 0.9%.

Leading the annual improvement were upward revisions of 0.1 percentage points in the first and second quarters of 2024.

Growth in the second half was largely left unchanged, however.

In the third quarter there was none, and the ONS confirmed an 0.1% uptick in the final three months, although year-on-year, fourth quarter real GDP was revised up to 1.5% from 1.4%

The ONS said that of the periods open to review, growth was unrevised in five of the eight quarters compared with the first estimate.

The ONS's early estimates are regularly reviewed, as it receives updated or revised source data.