UK Economy Grows 0.6% in Q2

The UK economy continued its recovery from last year's recession with a GDP growth of 0.6% in the second quarter of 2024, following a 0.7% increase in the first quarter. The Office for National Statistics (ONS) attributed the growth primarily to the service sector, particularly the IT industry, scientific research, and legal services. Despite flat economic growth in June due to weak performance in health, retail, and wholesale sectors, manufacturing saw improvements. Economists had predicted this growth, and the annual GDP increased by 0.9%. Chancellor Rachel Reeves emphasized the government's cautious optimism and commitment to sustaining economic growth amidst challenges like high living costs and elevated interest rates. The positive economic indicators are seen as a testament to the previous government's efforts in stabilizing the economy after a shallow recession.