Displaying items by tag: GDP
UK economy grows by 0.6%, despite flatline in June
The UK economy showed a growth of 0.6% over three months, marking a positive trend despite a flatline in June, attributed to the general election and ongoing strikes. Businesses across various industries delayed purchases pending the election's outcome, while strikes, including those by junior doctors, further contributed to the stagnation. The June GDP figure fell from the previous month’s 0.4% growth, yet overall the UK outperformed most G7 nations in the first half of 2024. The UK’s growth, particularly in scientific research, IT, and legal services, has been the highest among G7 nations. This consistent growth has left the threat of recession behind, a significant achievement after the economy contracted at the end of 2023. The Labour government has highlighted economic growth as essential to funding public sector investments without increasing national debt.