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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

February 15, 2024
UK GDP Q4 AND ANNUAL 2023 (FIRST ESTIMATE)

The Office for National Statistics (ONS) released the first estimate of UK Gross Domestic Product (seasonally adjusted annualized rate) for Q4 2023 and reported a decrease of 1.4%. The quarterly decline follows a decline of 0.5% in the third quarter. GDP is estimated to have increased 0.1% in 2023 compared to 2022.

Output in services, production and construction fell in the fourth quarter. Services output fell the most in wholesale and retail trade, education and other services. Production output fell due to lower manufacturing output, with 10 of 13 manufacturing subsectors reporting a decline in the fourth quarter. The largest decline among manufacturing subsectors was machinery and equipment. Construction output declined due to a decline in new work, partially offset by increased activity in repair and maintenance.

On an annual basis, service sector output grew 0.3% with 7 of 14 service subsectors growing. The largest positive contribution came from administrative and support service activities. Production output declined 0.3% in 2023. Growth in manufacturing was offset by declines in mining/quarrying and water supply/sewerage/waste management/remediation, and electricity/gas/steam/air conditioning. Construction output was up 2.0% in 2023.

Source: Office for National Statistics



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