🧠 Watchlist Wednesday: Copy Legendary Investors' Portfolios in One ClickCOPY FOR FREE

UK economy grows for second consecutive quarter

Published 15/08/2024, 07:33
© Reuters.  UK economy grows for second consecutive quarter
TRX50GBP
-

Proactive Investors - Office for National Statistics data on Thursday morning estimated that the UK economy grew over the second quarter.

Gross domestic product (GDP) expanded by 0.6% during the three months to June, following a 0.7% rise during the second quarter.

This was as the service sector grew 0.8%, offsetting declines across the production and construction industries.

Compared to a year earlier, real GDP is estimated to have climbed 0.9%, according to the ONS.

ONS figures show the economy is estimated to have stagnated in June, however.

The unrevised figures also reiterated that April saw no growth, while GDP ticked up by 0.4% in May.

Confederation of British Industry economist Ben Jones commented: “After a strong performance in May, a slowdown in GDP growth was always on the cards for June.

“But a second successive quarter of above-trend growth suggests the UK economy has finally shaken off its slumber of recent years.

“We think the quarterly data probably overstates the underlying momentum in the economy, with recent CBI surveys of activity remaining fairly subdued. But firms nonetheless appear confident that the recovery will continue.”

Read more on Proactive Investors UK

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.