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June 28, 2024UK GDP Q1 2024 (FINAL ESTIMATE) 
The Office for National Statistics (ONS) released the final estimates of UK Gross Domestic Product (seasonally adjusted annualized rate) for Q1 2024 and reported an increase of 2.9%. The quarterly gain follows a decline of 1.2% in the fourth quarter of 2023.
Output in services and production grew while construction fell in the first quarter of 2024. Services output rose with 10 of 14 subsectors reporting a growth in the first quarter. The largest contributuion came from professional, scientific and technical activities subsector. Production output grew due to higher manufacturing output, with 7 of 13 manufacturing subsectors reporting a gain in the first quarter. The largest gain among manufacturing subsectors was in transport equipment. Construction output declined due to a decline in new work, partially offset by increased activity in repair and maintenance.
Source: Office for National Statistics