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GDP is estimated to have grown by 0.6% in January-March 2024 (Quarter 1) compared to the previous three-month period (October-December). This followed two consecutive falls in previous calendar quarters.

The services sector grew by 0.7% in Quarter 1, and production grew by 0.8%. Construction fell by 0.9%

GDP grew by 0.4% in March 2024 compared to February, following growth of 0.2% in February. The services sector grew by 0.5% in March and production grew by 0.2%. Construction fell by 0.4%.

In cash terms, GDP was £2,687 billion in 2023.

GDP growth forecasts

In their March 2024 Economic and fiscal outlook, the Office for Budget Responsibility’s (OBR) GDP growth forecast was 0.8% in 2024 and 1.9% in 2025.

The Treasury’s May 2024 survey of independent forecasts showed an average forecast of 0.6% for 2024 and 1.2% for 2025.

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