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.
Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.