British economy shrinks 0.1 pct in January: ONS

Source: Xinhua

Editor: huaxia

2025-03-15 00:16:15

People walk on Oxford Street during Black Friday sales event in London, Britain, Nov. 29, 2024. (Xinhua/Li Ying)

Compared with the same month a year ago, GDP is estimated to be one percent higher in January, said the ONS.

LONDON, March 14 (Xinhua) -- Britain's monthly real gross domestic product (GDP) fell by 0.1 percent in January 2025, mainly caused by a fall in the production sector, according to the Office for National Statistics (ONS).

Data released on Friday showed that monthly services output grew by 0.1 percent in January while production output fell by 0.9 percent and construction output went down by 0.2 percent.

Compared with the same month a year ago, GDP is estimated to be one percent higher in January, said the ONS.

"The UK economy started 2025 on a negative note. Following the lacklustre performance in the second half of 2024, growth remains fragile due to global and domestic uncertainty," said Hailey Low, associate economist at the National Institute of Economic and Social Research.

A woman walks on the Westminster Bridge with the London Eye in the background in London, Britain, on Dec. 8, 2024. (Xinhua/Li Ying)

Low called on the government to use the upcoming Spring Statement as an opportunity to "reinforce economic stability rather than introduce further uncertainty."

British Chancellor of the Exchequer Rachel Reeves is expected to give her Spring Statement alongside an economic forecast on March 26. ■