The British economy grew by 0.4% month-over-month in December 2024, marking its most vigorous expansion in nine months.
UK economy grows 0.4% in December
This followed a modest 0.1% increase in November and exceeded market expectations of 0.1%.
The growth was primarily driven by a 0.4% rise in the services sector, with notable contributions from professional, scientific, and technical activities (1.2%), particularly the advertising and market research industry. Administrative and support services also saw a strong performance (1.1%), led by a 3.3% surge in travel agencies, tour operators, and related reservation services.
Additionally, production output increased by 0.5%, fueled by a 0.7% rise in manufacturing. Key contributors included pharmaceutical products and preparations (5.1%) and machinery and equipment manufacturing (5.9%). Mining and quarrying also experienced solid growth, expanding by 1.5%.
Energy, construction, and tech decline
However, these gains were partially offset by declines in other sectors. Electricity, gas, steam, and air conditioning fell by 0.6%, while water supply, sewerage, and waste management contracted by 0.4%. The construction sector also saw a slight decline of 0.2%, and industries such as computer programming, publishing, and car sales experienced downturns.
