The UK’s GDP increased by 0.6% between April and June 2024, signalling moderate growth.
- Services sector showed a general growth of 0.8% across various subsectors, despite a decline in consumer-facing services.
- Consumer-facing services experienced a minor decline of 0.1% in Q2 after a previous 0.6% increase in Q1.
- The professional, scientific, and technical activities subsector significantly contributed to this growth with a 2.5% rise.
- Key detractors included the real estate and wholesale trade sectors, which saw declines of 1.2% and 1.4% respectively.
The United Kingdom’s gross domestic product (GDP) demonstrated a moderate increase of 0.6% from April to June 2024. This growth occurred subsequent to a 0.7% rise in the first quarter, as reported by the Office for National Statistics (ONS).
The services sector experienced a general growth of 0.8% throughout the quarter, reflecting widespread expansion across most areas. This growth, however, was contrasted by a slight decrease of 0.1% in consumer-facing services. This followed a growth of 0.6% seen in the previous quarter.
A notable contributing factor to the increase in services output was a 2.5% rise in the professional, scientific, and technical activities subsector. This included significant advancements in fields such as scientific research and development, legal services, and architectural and engineering activities.
In contrast, certain areas such as real estate and wholesale trade served as detractors from growth. The data highlighted a 1.2% decline in the buying and selling of real estate, excluding imputed rental, coupled with a 1.4% fall in the wholesale and retail trade sectors, including the repair of motor vehicles and motorcycles.
In summary, the UK’s economic landscape in Q2 2024 was marked by both gains and setbacks across various sectors.
