UK Economy Slows to 0.4 Percent Growth in Second Quarter

The UK economy experienced slower growth in the second quarter of this year, according to data released by the Office for National Statistics (ONS). The country's gross domestic product increased by 0.4 percent between April and June, down from 0.6 percent in the first quarter.

This slowdown was attributed to various factors, including the ongoing US-Iran war, which has led to higher energy costs and elevated inflation. Despite these challenges, the services sector remained a key driver of growth, expanding by 0.5 percent during this period.

Construction output also grew, while production flattened. The ONS noted that the recent football World Cup contributed to increased turnover in June for businesses in various industries.

The new finance minister, John Healey, emphasized the need for measures to boost trade, investment, and productivity in order to achieve stronger, sustainable growth. He pointed out that the upcoming budget would be crucial in addressing these issues.