Britain's Economic Growth: A Detailed Insight

Britain's economy grew by 0.6% in Q2 2024, aligning with forecasts. The Bank of England adjusted its annual growth forecast for 2024 to 1.25%, but expects slower growth in H2 2024. Prime Minister Keir Starmer aims for 2.5% annual growth, and Finance Minister Rachel Reeves set a target for leading G7 growth per capita.

Britain's economy grew by 0.6% in the second quarter of 2024, official figures revealed on Thursday. This aligns with economists' forecasts and follows a 0.7% recovery in the first quarter from a shallow recession in late 2023.

Earlier this month, the Bank of England revised its annual growth forecast for 2024 to 1.25%, up from 0.5%, citing a robust start to the year. However, the Bank anticipates slower growth in the latter half of 2024, projecting 0.4% in Q3 and 0.2% in Q4, aligning with the economy's underlying growth rate.

Post-pandemic, Britain's economic growth remains sluggish, only outperforming Germany among major advanced economies. Prime Minister Keir Starmer set an ambitious target of 2.5% annual growth during his election campaign. Additionally, Finance Minister Rachel Reeves aims for Britain to lead the G7 in per capita GDP growth for two consecutive years.

(With inputs from agencies.)