Services grew by 0.8 per cent QoQ with widespread growth across the sector; this offset falls of 0.1 per cent in both the production and construction sectors.
UK GDP is estimated to have risen by 0.6 per cent quarter on quarter (QoQ) and 0.9 per cent YoY in Q2 2024, following a rise of 0.7 per cent QoQ in Q1.
In expenditure terms, there were increases in gross capital formation, government consumption and household spending, partially offset by falls in net trade.
GDP is estimated to have shown no growth in June.
In expenditure terms, there were increases in gross capital formation, government consumption and household spending, partially offset by falls in net trade, an ONS release said.
The country’s GDP is estimated to have shown no growth in June this year, following unrevised growths of 0.4 per cent in May and no growth in April.
Nominal GDP is estimated to have increased by 0.9 per cent QoQ in Q2 2024, mainly driven by increases in gross operating surplus of corporations, other income and compensation of employees. Compared with the same quarter a year ago, nominal GDP is estimated to have increased by 3 per cent.
Fibre2Fashion News Desk (DS)
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