UK economic growth 'robust' in 2024, think tank says

26 Sep 2024

The UK has risen in the rankings of the G7 group of nations to have the joint-second highest economic growth for this year, according to the Organisation for Economic Co-operation and Development (OECD).

The economy is now expected to grow by 1.1%, the same rate as Canada and France, but behind the US.

The think tank's previous growth estimate in May had put UK growth at 0.4% for this year.

The OECD, which is a globally recognised think tank, said that economic growth had been 'relatively robust' in many countries, including the UK.

But it added: 'Significant risks remain. Persisting geopolitical and trade tensions could increasingly damage investment and raise import prices.'

While the OECD's prediction for the UK has improved for this year, it is only set to enjoy joint-fourth fastest growth in 2025, at 1.2%, ahead of only Germany and Italy.

The UK is also still projected to see consumer prices rise at a faster rate than other G7 nations.

Chancellor of the Exchequer, Rachel Reeves said: 'Faster economic growth figures are welcomed, but I know there is more to do and that is why economic growth is the number one mission of this government. Next month's Budget will be about fixing the foundations, so we can deliver on the promise of change and rebuild Britain.'