GDP grew by 0.6 percent in the three months to June.
This follows an increase of 0.7 percent in the first quarter of 2024, which experts say could mean interest rate cuts by the Bank of England.
The services sector grew by 0.8 percent. Within this, industrial, scientific and technological activities contributed 2.5 per cent more to the sub-sector.
The Office for National Statistics estimates that GDP increased by 0.9 per cent this year compared to the same quarter last year.
Neil Birrell, chief investment officer at Premier Miton Investors, said: “The second quarter seems a long time ago, but the GDP data confirms that the UK economy is in good health.
„Unlike other central banks, the Bank of England has a level of assurance in the data it looks at when setting policy. As inflation plays out, the path is set to cut interest rates. , the timing of the cuts is now in focus.”
Luke Bartholomew, Abrdn’s deputy chief economist, said the report confirms the economy has made a strong recovery from its mid-tech recession at the end of 2023.
He said: “Growth is likely to slow slightly in the second half of the year as the rise in real incomes continues to slow.
„Interestingly, the UK appears to be in a very different cycle than the US where the economy will cool after 2023.
„This helps explain some of the differences in the urgency of easing monetary policy in the two countries, with the central bank likely to be more aggressive in cutting interest rates later this year than the Bank of England.
„But with UK services inflation finally starting to moderate sharply, there is certainly room for the BoE to cut rates again this year.”
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