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GDP flatlines in headache for Rishi Sunak ahead of the General Election | Personal Finance | Finance

GDP was flat (0.0 percent growth) in April 2024 and grew 0.7 percent in the three months to April, new data from the Office of National Statistics has found.

The ONS also reported that the total underlying trade deficit narrowed slightly by £0.3bn to £10.1bn in the 3-months to April 2024.

This comes as a below to Rishi Sunak with one X user posting: “How is 0 percent growth turning the corner Rishi?”

Other key statistics come from the ONS include: – 0.2 percent rise in Services.

– 0.9 percent drop in production

– 1.4 percent drop in construction

Monthly real gross domestic product (GDP) is estimated to have shown no growth in April 2024, following a growth of 0.4 percent in March 2024.

According to the ONS when looking over the longer term, GDP is estimated to have grown by 0.4 percent in the three months to April 2024 compared with the three months to April 2023, and by 0.6 percent in April 2024 compared with the same month last year.

The most positive sector coming out of April was services which saw a slight rise.

The largest positive contribution at the subsector level in services in April 2024 came from information and communication, which rose by 2.3 percent in the month.

This was driven by growth of 3.2 percent in computer programming, consultancy and related activities, as well as growth of 1.7 percent in telecommunications and 4.9 percent in publishing activities.

The construction sectors overall drop included a 2.8 percent drop in new work and repair and maintenance work decreased by 1.4 percent.

Within new work, the largest contributor to the decrease in the three months to April 2024 came from private commercial new work, which decreased by 4.7 percent.

Monthly construction output is estimated to have decreased by 1.4 percent in April 2024, its third consecutive monthly fall.

The decrease in construction output in April 2024 came from decreases in both new work (1.9 percent fall) and repair and maintenance (0.8 percent fall).

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