UK GDP grows by 0.6% in Q2 2024

UK GDP grows by 0.6% in Q2 2024

Progress is lower than in the first quarter; on an annual basis, the economy grew by 0.9%.

The UK's GDP grew by 0.6% in the second quarter of 2024. This increase was lower than that recorded in First quarterWhich rose by 0.7%, is the fastest in more than two years.

The Office for National Statistics (ONS) said that compared to the same quarter last year,GDP is expected to rise by 0.9% in the second quarter of 2024.“. here complete Report (PDF – 1 MB, in English).

Even with GDP growth and a recovery from the 2023 recession, the country’s economy is expected to slow. In June, monthly output growth slowed to 0% from 0.4% in May.

According to the information received from ReutersThe slowdown was due to rains that hurt retail sales. A doctors' strike also contributed to a 1.5% decline in health care activity.

However, the second quarter was better than economists had expected, with interest rates remaining high. As a result, the Bank of England is expected to continue cutting rates.

On 1 August 2024, the Bank of England Advertise UK interest rate cut 0.25 percentage points to 5%. This is the first cut since 2020.

The decision was taken after the country's inflation reached the 2% target in May and remained at the same level in June.

See also  Vet4All expands its benefits club in São Paulo and Rio de Janeiro

You May Also Like

About the Author: Camelia Kirk

"Friendly zombie guru. Avid pop culture scholar. Freelance travel geek. Wannabe troublemaker. Coffee specialist."

Leave a Reply

Your email address will not be published. Required fields are marked *