UK economy contracts year-on-year in January, expands on monthly basis

ISTANBUL

The British economy shrank by 0.3% year-on-year in January while it grew by 0.2% on a monthly basis, the Office for National Statistics (ONS) revealed on Wednesday.

The GDP decreased by 0.1% in December 2023 on a monthly basis, it recalled in a press release.

“Services output grew by 0.2% in January 2024 and was the largest contributor to the rise in GDP, but in the three months to January 2024 services output showed no growth,” the office said.

It noted that the production output dropped by 0.2% in January 2024, and in the three months to January 2024, the production output also fell by 0.2%.

“Construction output grew by 1.1% in January 2024, but in the three months to January 2024 construction output fell by 0.9%,” it added.