UK GDP growth stalls in July ’24

The UK’s real gross domestic product (GDP) remained flat in July 2024, mirroring the zero growth observed in June 2024.

However, the economy saw a 0.5 per cent increase in GDP over the three months to July 2024 compared to the previous three months, driven by widespread growth in the services sector.

In July 2024, services output grew by 0.1 per cent, recovering from a 0.1 per cent decline in June 2024, and achieved 0.6 per cent growth over the three-month period.

Conversely, production output fell by 0.8 per cent in July 2024 after an equivalent rise in June 2024, and declined by 0.1 per cent over the three months.

Construction output decreased by 0.4 per cent in July 2024, following a 0.5 per cent increase in June 2024.

Despite this monthly decline, the construction sector experienced 1.2 per cent growth over the three months to July 2024, marking its first positive three-month growth since September 2023.

Attribution: The Office for National Statistics (ONS)
Subediting: M. S. Salama