UK business investment rises 1.4% in Q2 ’24

UK business investment increased by 1.4 per cent in the second quarter of 2024, placing it 0.2 per cent higher than the same period last year, according to revised data.

The growth was fuelled by strong contributions from buildings, transport, and intellectual property products (IPP), partially offset by declines in ICT equipment and other machinery investment.

The rise in transport investment was driven by fleet vehicle purchases, supported by new car registration data from the Society of Motor Manufacturers and Traders (SMMT).

Meanwhile, whole economy investment, including both business and public sector, rose by 0.6 per cent, with transport and buildings leading the way. This marks the third consecutive period of positive growth for overall investment.

Government investment also increased by 2.1 per cent, slightly down from an earlier estimate of 2.6 per cent.