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The UK economy grew just 0.3% in the second quarter (Q2), down from 0.7 per cent in the first, according to latest Office for National Statistics (ONS)
Growth slowed from 0.7% in Q1, with services up 0.4% and construction up 1.0%, offset by a 0.8% fall in production. The figures show resilience but also highlight the fragility of the recovery.
Commenting on GDP figures, ONS Director of Economic Statistics Liz McKeown said “Today’s figures include a suite of improvements to our measurement of the economy, including better information on research and development and the activities of complex multinational companies, alongside the usual inclusion of updated and improved data sources.
“Growth for 2024 as a whole is unrevised, though these new figures show the economy grew a little less strongly at the start of last year than our initial estimates suggested but performed better in later quarters. Quarterly growth rates for 2025 are unrevised.
“In the latest quarter we saw an increase in the household saving ratio, very little growth in consumer spending and a slight fall in output for consumer facing services, despite growth in services overall.”
