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.
