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.
