UK Economy Posts Better-Than-Expected Growth in Q2

The United Kingdom's economy has shown resilience in the second quarter of 2024, growing by 0.6% quarter-on-quarter.

This marks a continued recovery from the shallow recession experienced earlier in the year and surpasses market forecasts of 0.4%.

The growth is largely driven by a strong performance in the services sector, which accounts for around 80% of UK output, with notable contributions from professional services, scientific activities, and the IT industry.

Production output remained flat, while construction saw a modest decline, but the overall figures suggest broad-based resilience.