London, August 15 (FFN) – The British economy grew by 0.6% in Q2 2024 compared to the previous quarter, showing a slight slowdown from the 0.7% growth recorded in Q1. This data, released by the UK’s Office for National Statistics (ONS), highlights the ongoing challenges and resilience within the UK economy.
Key Economic Indicators
| Period | GDP Growth (Quarterly) | GDP Growth (Yearly) |
|---|---|---|
| Q1 2024 | 0.7% | – |
| Q2 2024 | 0.6% | 0.9% |
Monthly Economic Activity
| Month | Monthly Growth | Sectoral Highlights |
|---|---|---|
| April 2024 | 0.0% | – |
| May 2024 | 0.4% | Recovery in services |
| June 2024 | 0.0% | Stagnation, weak services offset by strong manufacturing |
Sector Performance in Q2 2024
The growth in the second quarter was largely driven by the services sector, particularly in areas such as scientific research, IT, and legal services. However, the ONS noted that the month of June saw a decline in services due to weak performance in healthcare, retail, and wholesale trade.
“In June, the overall growth remained unchanged,” said Liz McKeown, Director of Economic Statistics at ONS. “The decline in services was compensated by strong growth in manufacturing.”
Economic Outlook
While the UK economy has shown resilience, the mixed performance across sectors signals potential challenges ahead. The weak growth in services, a key driver of the UK economy, could weigh on future performance, even as the manufacturing sector shows signs of strength.
Sources:
- Office for National Statistics (ONS) – Official data on the UK’s GDP growth, sectoral performance, and monthly economic activity.
- DPA (Deutsche Presse-Agentur) – Additional context and data regarding the UK’s economic trends.
