Britain's Modest Economic Growth in 2024: A Tale of Targets and Challenges

Britain's economy grew by 0.1% in Q3 2024, missing the projected 0.2% growth. The BoE lowered the annual growth forecast for 2024 to 1%. Finance minister Rachel Reeves aims for the fastest GDP growth in the G7, while Prime Minister Starmer targets 2.5% annual growth.

Britain's economy expanded by a mere 0.1% in the third quarter of 2024, falling short of expectations, according to official figures released on Friday.

Economists had anticipated a 0.2% gain, a slowdown from the rapid expansion seen earlier in the year as the nation recovered from the previous year's shallow recession.

Prime Minister Keir Starmer aspires to achieve an annual growth rate of 2.5%, amidst challenges and comparisons with the slow-growing German economy.

(With inputs from agencies.)