{"id":308,"date":"2024-08-15T09:20:44","date_gmt":"2024-08-15T09:20:44","guid":{"rendered":"http:\/\/sofakingdrunk.com\/index.php\/2024\/08\/15\/uk-economy-grows-strongly-for-second-quarter-running-but-stalls-in-june-business-live-business\/"},"modified":"2024-08-15T09:20:44","modified_gmt":"2024-08-15T09:20:44","slug":"uk-economy-grows-strongly-for-second-quarter-running-but-stalls-in-june-business-live-business","status":"publish","type":"post","link":"https:\/\/sofakingdrunk.com\/index.php\/2024\/08\/15\/uk-economy-grows-strongly-for-second-quarter-running-but-stalls-in-june-business-live-business\/","title":{"rendered":"UK economy \u2018grows strongly\u2019 for second quarter running, but stalls in June \u2013 business live | Business"},"content":{"rendered":"


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A quick summary<\/h2>\n<\/header>\n

Britain\u2019s economy has extended the recovery from recession last year after recording growth of 0.6% in the three months to June.<\/strong><\/p>\n

Figures from the Office for National Statistics (ONS) show gross domestic product (GDP) continued to grow in the second quarter, after growth of 0.7% in the first three months of 2024. City economists had forecast growth of 0.6%.<\/p>\n

Liz McKeown<\/strong>, the ONS<\/strong> director of economic statistics, said:<\/p>\n

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<\/svg>\u201cThe UK economy has now grown strongly for two quarters, following the weakness we saw in the second half of last year.<\/p>\n

\u201cGrowth across the three months was led by the service sector, where scientific research, the IT industry and legal services all did well.\u201d<\/p>\n<\/blockquote>\n

However, the UK economy did not grow in June. The ONS said there were anecdotal reports from businesses that general election uncertainty, and public sector strikes, hit activity in June.<\/p>\n

GDP per head of population grew by 0.3% in the quarter, but was still lower than a year ago \u2013 and before the Covid-19 pandemic starter.<\/p>\n

Chancellor Rachel<\/strong> Reeves<\/strong> said economic growth was the Labour government\u2019s \u201cnational mission\u201d\u2026<\/p>\n

\u2026 her predecessor, Jeremy<\/strong> Hunt<\/strong>, said the data were \u201cfurther proof that Labour have inherited a growing and resilient economy\u201d.<\/p>\n

The UK is likely to be the third-fastest G7 economy in the second quarter of 2024, with only Canada yet to publish GDP data.<\/p>\n

Since the pandemic, though, it\u2019s the second slowest G7 member:<\/p>\n

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Over Q2, economy grew 0.6% – on top of 0.7% for Q1. <\/p>\n

Puts UK economy 2.3% larger than its pre-pandemic level (not great in G7 terms).<\/p>\n

Note – Germany will report overhauled GDP estimates shortly (of the kind that produced big upward revisions to other countries’ GDP) pic.twitter.com\/wOhocMD0IV<\/a><\/p>\n

\u2014 Andy Bruce (@BruceReuters) August 15, 2024<\/a><\/p><\/blockquote>\n<\/div>\n

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Economists welcomed the GDP report.<\/p>\n

Deutsche Bank <\/strong>said the near-term economic outlook has improved, while PWC<\/strong> predicts the second half of 2024 will be strong too.<\/p>\n

But, the New Economics Foundation <\/strong>said the government needs to invest more in infrastructure, to support growth.<\/p>\n

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