ONS data showing 0.1% fall in GDP in January comes less than two weeks before chancellor’s spring statement

The UK economy contracted by 0.1% in January, dealing a blow to Rachel Reeves before the spring statement later this month.

In a surprise to City economists, who expected 0.1% growth in January, the Office for National Statistics data showed the services sector failed to offset a decline in the industrial sector and maintain growth from the previous month.

Manufacturing output fell by 1.1% in January 2025, reversing a spurt of 0.7% in December last year. Construction was another drag on the economy after poor winter weather held back housebuilders.

The ONS said GDP was estimated to have grown by 0.2% in the three months to January 2025, compared with the three months to October 2024, as a result of the growth in the services sector.

  • theo@lemmy.world
    2·
    15 hours ago

    Always followed by “${currentChancellor} (under pressure|glad) as the economy…”, in the first sentence or somehow incorporated into the headline depending on the bias of the publication.