ONS: UK’s economy sees growth of 0.7 percent in Q2 annually, less than estimates
Date
10/1/2024 4:07:32 AM
(MENAFN) On Monday, the Office for National Statistics (ONS) reported that the UK Economy grew by 0.7 percent on an annual basis in the second quarter of 2024, which was below initial forecasts. This annual growth figure comes after a contraction of 0.2 percent in the last quarter of 2023 and a modest recovery of 0.3 percent in the first quarter of 2024. The latest data highlights ongoing challenges faced by the UK economy as it attempts to regain momentum following recent fluctuations.
Last month, the ONS had projected a more optimistic growth forecast of 0.9 percent for the UK economy in the second quarter. This revision indicates that economic conditions have not developed as positively as anticipated, raising concerns among analysts regarding the underlying factors contributing to the slower growth rate. The disparity between forecasts and actual growth figures suggests a need for closer examination of the economic landscape and potential influencing factors.
In terms of quarterly performance, the UK's GDP experienced a growth of 0.5 percent for the April to June period, which was also revised down from an earlier estimate of 0.6 percent. This downward adjustment further underscores the challenges faced by the UK economy in sustaining growth momentum. The revisions indicate that while there was some economic activity, it was not as robust as previously thought.
Overall, the data from the ONS paints a complex picture of the UK economy, which has shown signs of growth but is facing headwinds that may hinder its recovery. The slower-than-expected growth rates and revisions highlight the need for policymakers to consider potential interventions to stimulate economic activity and foster a more stable environment for growth moving forward.
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