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March 28, 2024UK GDP Q4 AND ANNUAL 2023 (REVISED ESTIMATE) 
The Office for National Statistics (ONS) released the revised estimate of UK Gross Domestic Product (seasonally adjusted annualized rate) for Q4 2023 and reported a decrease of 1.2% (from a previously estimated -1.4%). The quarterly decline follows an unrevised decline of 0.5% in the third quarter. GDP is estimated to have increased by an unrevised 0.1% in 2023 compared to 2022.
Output in services, production and construction fell in the fourth quarter. Services output fell the most in information and communication, and education subsectors. 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 by an unrevised 0.3% with 7 of 14 service subsectors growing. The largest positive contribution came from administrative and support service activities. Production output was revised down to a declined of 0.4% in 2023. Manufacturing grew 1.1% (previously estimated 1.2%). Construction output grew by 2.1% in 2023.
Source: Office for National Statistics