London: The UK economy grew by 0.5 percent in the second quarter of 2024, slightly below the initial estimate of 0.6 percent , according to revised figures released by the Office for National Statistics (ONS) on Monday. The slower growth surprised economists, who had not expected the figure to be adjusted in the latest update.
Year-on-year, the British economy expanded by 0.7 percent, falling short of economists’ forecasts of a 0.9% increase. The updated data reflects a more modest economic performance than previously anticipated.
Following the release of the figures, the British pound remained relatively stable against the U.S. dollar.
Prime Minister Keir Starmer, who led the Labour Party to victory in July, has made accelerating economic growth a key priority for his administration. The latest figures highlight the challenge his government faces in boosting economic output amidst a softer-than-expected recovery.
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