ONS Economic Commentary

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Economic commentary for the latest quarterly national accounts, prices and labour market indicators.

Real gross domestic product (GDP) increased by 0.1% in Quarter 4 (Oct to Dec) 2024, while real GDP per head declined by 0.1%

The UK current account deficit was 2.9% in Quarter 4 (Oct to Dec) 2024; excluding precious metals, the underlying current account deficit was 2.6% of GDP in Quarter 4.

There was a cooling in the labour market in recent quarters, while annual growth in regular earnings was 5.9% in the three-month period from November 2024 to January 2025.

Headline 12-month consumer price inflation (CPI) was 2.8% in February 2025; the annual rate of core inflation was 3.5%, down from its peak of 7.1% in May 2023.

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Source: ONS

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