The Gross Domestic Product (GDP) of the United Kingdom accelerated its growth in the second quarter to 0.2 % compared to the expansion of 0.1 % in the previous quarter, as reported by the National Statistics Office (ONS).

The rebound in growth in Europe’s second-largest economy reflects the 0.1 % expansion in services, as well as 0.7 % in production and 0.3 % in construction.

In monthly data, British GDP grew by 0.5 % in June, after contracting 0.1 % in May and expanding 0.2 % in April.

In June, the services sector grew by 0.2 %, while production and construction grew by 1.8 % and 1.6 %, respectively. It is the first month since October 2022 that all three sectors contributed positively to GDP in the same month.

In this way, unlike the quarterly data, in the month of June the GDP of the United Kingdom stood 0.8 % above the level of February 2020, prior to the pandemic.

Source: dpa

(Reference image source: John McArthur, Unsplash)

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