UK economy expands in Q2 ’24

UK GDP grew by 0.6 per cent in the second quarter of 2024 (April to June), following a 0.7 per cent increase in the first quarter (January to March). Year-on-year, GDP rose by 0.9 per cent in Q2 2024.

In terms of output, the services sector saw a 0.8 per cent growth for the quarter, contributing to overall economic expansion. This increase balanced out the declines in the production and construction sectors, both of which fell by 0.1 per cent.

On the expenditure side, there were notable increases in gross capital formation, government consumption, and household spending. However, these gains were partially offset by a decrease in net trade.

Attribution: The Office for National Statistics (ONS)

Subediting: M. S. Salama