The latest data reveals a slight growth in the UK economy for Q2 2024.
- According to the ONS, GDP rose by 0.6% from April to June.
- This growth follows a 0.7% increase in the first quarter of the year.
- While the overall services sector experienced growth, consumer services saw a decline.
- Key drivers included advancements in professional, scientific, and technical services.
The United Kingdom’s economy displayed moderate growth in the second quarter of 2024, with the Gross Domestic Product (GDP) increasing by 0.6% from April to June. This marks a continuation from the previous quarter’s 0.7% rise, reflecting a steady upward trajectory, as reported by the Office for National Statistics (ONS).
Despite the general upward trend, the data revealed a decline of 0.1% in consumer-facing services during the same period. This decrease followed a 0.6% rise in the first quarter, indicating some fluctuations within the sector. According to the ONS report, this decline was primarily driven by a 1.2% decrease in the real estate sector, particularly in activities relating to the buying, selling, renting, and operating of properties, excluding imputed rental.
Further contributing to the downturn in consumer services was a notable 1.4% fall in the wholesale and retail trade, including the repair of motor vehicles and motorcycles. These sectors faced challenges despite the broader growth in the services industry.
On a positive note, the primary contributor to the surge in services output during this quarter was a robust 2.5% increase in the professional, scientific, and technical activities subsector. This growth was supported by significant advancements in scientific research and development, legal services, and architectural and engineering activities, which collectively bolstered the sector’s performance.
Overall, the UK economy witnessed modest growth in Q2 2024, driven by strong performances in specific service subsectors despite some areas of decline.
