UK economy grows by 0.6 pct in Q2 ’24

LONDON, British gross domestic product (GDP) is estimated to have increased by 0.6 percent in this year's second quarter, highest growth pace in two years. The Office for National Statistics (ONS) attributed this growth to betterment of service sector, which takes up around three quarters of the GDP, achieving a 0.8 percent growth in Q2. Real GDP fell back by 0.1 percent due to decline in construction and industrial sector, reported ONS adding that GDP growth by 0.7 percent in the first quarter allowed for the 0.9 percent annual increase. In a separate report yesterday, ONS confirmed rise in inflation rates for the first time since December to reach 2.2 percent. Source : Kuwait News Agency