The ONS stated that this came about after there was no growth recorded in the month of April due to the impact of poor weather.
The Office for National Statistics (ONS) reported that between April and June, the United Kingdom’s economy grew at a 0.6% annual rate.
According to the Office of National Statistics (ONS), the gross domestic product (GDP) expanded by 0.6% between April and June, which is in accordance with the estimates of economists.
In June, there was no increase in the economy that was recorded for the month. This was due to the fact that the manufacturing sector improved, which countered the weakening in the services sector.
The economy saw a recovery in May, which resulted in a growth rate of 0.4 percent. This happened after the month of April, when there was no growth recorded due to the influence of wet weather.
The performance of the second quarter came after a growth rate of 0.7% in the first quarter, which followed a comparatively mild recession that occurred during the second half of 2023.
In response to the downturn that was observed in the second half of the previous year, the director of economic statistics at the ONS, Liz McKeown, stated that “the economy of the United Kingdom has now grown strongly for two quarters.”
“The service sector was the primary driver of growth over the course of the three months. Scientific research, the information technology industry, and legal services all performed exceptionally well.
“In June, growth was flat, with services falling. This was as a result of a weak month for manufacturing, retailing, and wholesaling.
Rachel Reeves, the Chancellor of the United Kingdom, issued the following statement in response to the figures: “The new government is under no illusion as to the scale of the challenge we have inherited after more than a decade of low economic growth and a £22 billion black hole in the public finances.”
Because of this, we have made the expansion of the economy our national purpose, and we are currently making the difficult choices necessary to repair the foundations in order to rebuild Britain and make every region of the country enjoy a higher standard of living.
The chancellor, Rachel Reeves, made a commitment to revive the economy in the first week after Labour’s resounding victory in the election by designating it as the “national mission” of the new administration to achieve the highest continuous growth of any of the G7 countries.
During that same period, Ms. Reeves made the following statement: “Our national mission is to deliver economic growth, and we do not have a single minute to waste.”
This is the reason why I have already taken the necessary immediate measures this week to restore the underpinnings of our economy in order to rebuild Britain and make every part of Britain better off. In spite of the fact that we are only getting started, a decade of national rebirth has already begun.