GDP measures the value of goods and services produced in the UK. It estimates the size of – and growth in – the economy.
UK GDP is estimated to have increased by 0.6% between April and June 2024, following growth of 0.7% in the previous quarter (January to March).
According to the ONS, compared with the same quarter a year ago, GDP is estimated to have increased 0.9% in Q2 2024.
However, GDP is estimated to have shown no growth in June 2024, following unrevised growth of 0.4% in May 2024 and no growth in April 2024.
For Q2, growth was attributed to the 0.8% rise in services output – for the second consecutive quarter – with early estimates suggesting 14 out of 20 of the sub-sectors grew, which offset falls in both the production and construction sectors.
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However, on a month-by-month snapshot, services output fell by 0.1% in June.
Production output grew by 0.8% in June, following growth of 0.3% in May, but fell by 0.1% in the three months to June.
This article is based on one that was first published on Your Mortgage‘s sister site, YourMoney.com. Read: UK economy expands 0.6% in Q2
