Uk Economy Shrinks 2024 In. Revised official statistics in september showed that the uk economy wasn't, contrary to earlier estimates, still smaller than prior to the pandemic. The uk economy unexpectedly shrank 0.1 per cent in october, the second contraction in a row, in a blow to the labour government’s economic agenda.

In an interview with the financial times this week, hunt said the outlook for 2024 was improving and said the country needed to “throw off our pessimism and declinism about the uk economy”. Most economists had been expecting gdp to rise during october but it shrunk.