UK economy growth in Q2 ’24 revised down

The UK’s gross domestic product (GDP) grew by 0.5 per cent in the second quarter of 2024 (April to June), a slight revision down from the initial estimate of 0.6 per cent, according to updated figures. Compared to the same quarter in the previous year, real GDP increased by 0.7 per cent in Quarter 2 of 2024.

The overall growth path since 2023 remains steady, though small downward adjustments were made for the first quarter of 2023 and the second quarter of 2024, both revised by 0.1 percentage points.

GDP for 2023 was revised up to show a 0.3 per cent increase, compared to the earlier estimate of 0.1 per cent, largely due to updated income data. In the second quarter of 2024, services grew by 0.6 per cent, offsetting declines in production and construction.

Real household disposable income (RHDI) grew by 1.3 per cent, down from 1.6 per cent in the previous quarter, while the household savings ratio increased to 10.0 per cent, up from 8.9 per cent in the first quarter of 2024.