UK economy grows 0.6%

August 15, 2024
UK economy grows
  • As general election partially blamed for flatline in June

Based on official estimates, the UK economy increased by 0.6% over a three-month period. 

However, due to firms delaying purchases until after the general election, there was absolutely no growth in June, according to the Office for National Statistics.

"In a range of industries across the economy, businesses stated that customers were delaying placing orders until the outcome of the election was known," the ONS said, though added it's difficult to quantify the exact impact.

Gross domestic product (GDP) - the measure of everything produced in the UK - expanded from April to June.

That growth rate was the second highest among the G7 group of industrialised nations, only the United States performed better with 0.7%.