NIESR estimated UK’s GDP remained “flatlined” in the final quarter of 2023. Looking ahead, NIESR forecasts modest uptick in GDP growth for the first quarter of 2024 by 0.2%. This forecast aligns with broader trend observed in UK economy, characterized by “low, but stable economic growth”.
While UK’s GDP showed 0.3% growth in November, a broader look at the three-month period leading up to November paints a different picture. In this timeframe, GDP experienced a -0.2% decline compared to the preceding three months up to August.
“These three-monthly data, which are less volatile than the monthly figures, suggest that the bigger picture remains one of sluggish growth,” NIESR said.
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