The UK economy grew by 0.5 percent on an annual basis in the second quarter of the year.
The British Office for National Statistics (ONS) announced the growth figures for the second quarter of the year.
Accordingly, the 0.6 percent growth forecast previously announced for the April-June period was revised to 0.5 percent. This data showed that the British economy is recovering more slowly than thought after last year’s recession.
In the second quarter of the year, the service sector grew by 0.6 percent. The previous estimate was 0.8 percent.
The manufacturing sector shrank by 0.3 percent and the construction sector by 0.2 percent in this period. Thus, the construction sector recorded a contraction for three consecutive quarters.
In today’s statement, ONS also revised the growth data for 2023 and increased it to 0.3 percent. It was announced that the country’s economy grew by 0.1 percent last year.
