UK GDP up by estimated 0.6% QoQ, 0.9% YoY in Q2 2024: ONS

Services grew by 0.8 per cent QoQ with widespread growth across the sector; this offset falls of 0.1 per cent in both the production and construction sectors.

In expenditure terms, there were increases in gross capital formation, government consumption and household spending, partially offset by falls in net trade, an ONS release said.

The country’s GDP is estimated to have shown no growth in June this year, following unrevised growths of 0.4 per cent in May and no growth in April.

Nominal GDP is estimated to have increased by 0.9 per cent QoQ in Q2 2024, mainly driven by increases in gross operating surplus of corporations, other income and compensation of employees. Compared with the same quarter a year ago, nominal GDP is estimated to have increased by 3 per cent.

ALCHEMPro News Desk (DS)