Britain’s GDP rises by 0.6 percent in Q2

LONDON, Aug. 15 (Xinhua) — Britain’s quarterly real gross domestic product (GDP) was estimated to have increased by 0.6 percent in the second quarter of this year, according to the Office for National Statistics (ONS) on Thursday.
This follows a 0.7 percent increase in the first quarter of 2024.
Data released by the ONS showed that services grew by 0.8 percent, but this growth was offset by declines of 0.1 percent in both the production and construction sectors.
Real GDP per head is estimated to have increased by 0.3 percent in the second quarter, 0.1 percent lower compared with the same quarter last year.
The data also indicated that growth in June 2024 was flat, although this was mitigated by widespread growth in manufacturing that month.
Liz McKeown, Director of Economic Statistics at the ONS, said the economy has experienced strong growth for two consecutive quarters, driven mainly by the service sector, including scientific research, the IT industry, and legal services.
However, British Chancellor of the Exchequer Rachel Reeves warned this morning on the social media platform X, saying, “We are under no illusion as to the scale of the challenge we have inherited from the Conservatives after more than a decade of low growth and a 22 billion-pound black hole in the public finances.”
This statement was refuted by former Conservative Party Chancellor Jeremy Hunt on X, who said, “Today’s figures are proof that the Labour government has inherited a growing and resilient economy. The Chancellor’s attempt to blame her economic inheritance for her decision to raise taxes — tax rises she had always planned — will not wash with the public.” ■