LONDON, Feb. 13 (Xinhua) -- The British economy recorded a 0.1 percent growth in gross domestic product (GDP) in the final quarter of 2024, defying expectations of an economic contraction and improving on the zero-growth seen in the previous quarter, according to data released by the Office for National Statistics (ONS) on Thursday.

In December, monthly GDP was estimated to have risen by 0.4 percent, driven by growth in the services sector. This followed a 0.1 percent increase in November. Services output also expanded by 0.4 percent in December, building on gains of 0.2 percent in both November and the fourth quarter as a whole.

For the year 2024, the ONS projected an annual GDP growth of 0.8 percent compared to 2023.

The figures provide some relief for the Labour government, which has faced a series of disappointing economic indicators in recent months. However, in an interview with Sky News on Thursday, Chancellor of the Exchequer Rachel Reeves downplayed the modest growth, stating that she was still "not satisfied" with the economic performance. She reiterated her commitment to "going further and faster" in driving economic growth and improving living standards.

Meanwhile, businesses continue to brace for higher costs due to rising employer National Insurance contributions and an increase in the minimum wage. Thursday's data also revealed a 3.2 percent decline in business investment in the fourth quarter, alongside weaker trade performance, factors that could add further challenges to the economic outlook. Enditem

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