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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

May 10, 2024

The Office for National Statistics (ONS) released the first estimate of UK Gross Domestic Product (seasonally adjusted annualized rate) for Q1 2024 and reported an increase of 2.5%. The quarterly gain follows a decline of 1.2% in the fourth quarter of 2023.

Output in services and production grew while construction fell in the first quarter of 2024. Services output rose with 11 of 14 subsectors reporting a growth in the first quarter. The largest gain was in transport and storage subsector. Production output grew due to higher manufacturing output, with 8 of 13 manufacturing subsectors reporting a gain in the first quarter. The largest gain among manufacturing subsectors was in transport equipment. Construction output declined due to a decline in new work, partially offset by increased activity in repair and maintenance.

Source: Office for National Statistics

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