UK Economy Posts Stronger-Than-Expected Growth in Q2

The UK economy has posted a stronger-than-expected growth in Q2 2024, expanding by 0.6% quarter-on-quarter.

This marks a continued recovery from the shallow recession earlier in the year, driven largely by a strong performance in the services sector, which accounts for around 80% of UK output.

The services sector saw notable growth in professional services, scientific activities, and the IT industry, while production output remained flat and construction declined modestly.

On an annual basis, GDP grew by 1.3% in Q2 compared to the same period last year, also above expectations.