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.

  • Schal330@lemmy.world
    5·
    1 day ago

    You need the right conditions to build shitty housing.

    Too wet? Can’t build. Too cold? Can’t build. Too hot? Can’t build. Clear blue sky, with temperatures around 19c with a nice cool breeze? Well you can’t build on a day like that, you have to enjoy the weather down the pub.