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European Economic News

U.K. Q2 GDP Growth Picks Up

By RTTNews Staff Writer   ✉  | Published:  | Google News Follow Us  | Join Us
rttnewslogo20mar2024

The U.K. economy expanded at a faster pace as expected in the second quarter on a widespread support from production, construction and services.

The increase in gross domestic product doubled to 0.6 percent from 0.3 percent in the first quarter, preliminary estimate published by the Office for National Statistics showed Thursday. The growth rate matched expectations.

As expected, GDP was 1.4 percent higher in the second quarter compared with a year ago.

The largest contribution to GDP growth came from services, which expanded 0.6 percent sequentially. Further, construction output grew 0.9 percent, recovering from a 1.8 percent fall in the first quarter, when output was at its lowest level since the start of 2001.

Contributing 0.08 percentage points to GDP, overall production advanced 0.6 percent, within which manufacturing grew 0.4 percent, it said.

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