The UK economy witnessed no growth at all in June, owing to delayed purchases by businesses until after the UK general elections. (Photo/Rawpixel)
UK, EPICSTORIAN – The UK economy has seen positive growth of 0.6% over three months, according to the Office for National statistics (ONS) official report.
Director of Economic Statistics, ONS, Liz McKeown said the economy performed strongly better for two quarters, with the service sector taking the lead.
According to McKeown, legal services, scientific research, and the IT industry all did quite well.
“The UK economy has now grown strongly for two quarters, following the weakness we saw in the second half of last year. Growth across the three months was led by the service sector, where scientific research, the IT industry and legal services all did well,” Liz McKeown said.
But McKeown, also added that the economy witnessed no growth at all in June, owing to delayed purchases by businesses until after the UK general elections.
“In June growth was flat with services falling, due to a weak month for health, retailing and wholesaling, offset by widespread growth in manufacturing.”
Other factors are suggested by experts’ analysises to have hampered Jun growth, include the junior doctor’s strikes, where the June GDP figure was seen falling from a month earlier when the economy increased by 0.4%, according to sky news report.
ONS believes the United States’ last year’s Screen Actors Guild strike is still affecting UK production schedules, given to the impact of international industrial disputes.
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UK Production (-0.1%) and construction (-0.1%) both dropped, while Services grew by (+0.8%).
The UK economy record trade deficit from second quarter April to June
In the chart we find “The trade in goods and services deficit, excluding precious metals, widened in Quarter 2 2024, caused by increased imports of goods” and the “UK trade balances, current prices, seasonally adjusted, quarterly, Quarter 2 (Apr to june) 2021 to Quarter 2(Apr to June) 2024.”
The Office for National statistics explained that trade deficit number widened during the second quarter, augmenting from £7.1bn to £13.3bn.
“The total underlying trade deficit widened by £7.1bn to £13.3bn Quarter 2 (Apr to June) 2024 because of an increase in imports of goods,” it said.
In Quarter 1 (between January to March) the UK economy saw 0.7% growth, while the GDP is estimated to have brown by 0.6% in Quarter 2 (Apr to June) 2024.
What’s the UK GDP for novice audience?
UK Gross domestic product (GDP) measures everything produced in the UK, it’s also the same approach taken when measuring the GDP of any country by economists using relevant statistical variables.
