UK Economy Registers Slower Growth in Q2, ONS Revises Figures

UK economic output grew by 0.5% in Q2, slightly below initial estimates, as per ONS data. The preliminary estimate indicated 0.6% growth, with Reuters economists not expecting revisions. Compared to the same period in 2023, the economy grew by 0.7%, below forecasts. Sterling remained stable.

The latest figures from the Office for National Statistics (ONS) revealed that British economic output grew by 0.5% in the second quarter, a slight revision from the initial 0.6% estimate. This modest growth rate fell short of economists' projections, highlighting ongoing economic challenges.

In comparison to the second quarter of 2023, the UK's economy saw a 0.7% increase, which also missed the economists' forecasts of a 0.9% rise. Following the release of this data, the value of Sterling remained largely unchanged against the U.S. dollar.

Prime Minister Keir Starmer, leading the Labour Party since their victory in July, aims to accelerate economic growth. However, the latest data presents obstacles to achieving this goal, underscoring the pressing need for effective economic policies.

(With inputs from agencies.)