The improvement is less than that recorded in the 1st quarter; On a year-on-year basis, the economy grew by 0.9%
United Kingdom’s GDP (Gross Domestic Product) grew by 0.6% in the 2nd quarter of 2024. 1st quarterIt rose 0.7%, considered the fastest in more than 2 years.
The ONS (short for Office for National Statistics in English) said that compared to the same quarter last year, “GDP is estimated to grow by 0.9% in the 2nd quarter of 2024“. Here it is Complete of the report (PDF – 1 MB, in English).
Even with GDP growth and recovery from recession by 2023, a slowdown in the country’s economy is expected. In June, monthly manufacturing growth slowed to 0% from 0.4% in May.
According to information from ReutersThe slowdown was due to rains affecting retail sales. The doctors’ strike contributed to a 1.5% drop in health activity.
However, the 2nd quarter performance was better than economists expected due to higher interest rates. As a result, the Bank of England is expected to continue cutting.
On August 1, 2024, the Bank of England declared By reducing UK interest rates 0.25 percentage points, 5%. 1st cut from 2020 onwards.
The decision was taken as inflation in the country reached the 2% target in May and remained at the same level in June.
Jane Austen is a writer and contributor covering culture, literature, lifestyle, and society. Her work focuses on thoughtful storytelling, social trends, and the issues shaping everyday life, delivering engaging and accessible content for readers across the United Kingdom.
