The UK’s economic growth for the second quarter of 2024 has been revised down to 0.5%, according to updated figures from the Office for National Statistics (ONS).
This marks a slight drop from the earlier estimate of 0.6% growth, released in the preliminary data.
The revised figure indicates that the economy expanded at a slower pace than initially projected.
Economists surprised by the revision
Economists polled by Reuters had anticipated that the preliminary figure would remain unchanged in Monday’s revised data.
The 0.5% growth rate, while still positive, suggests that the UK economy faced some headwinds during the second quarter.
This comes amid global economic uncertainties, including inflationary pressures and fluctuating consumer demand, which have likely impacted overall output.
Signs of continued economic challenges
While the UK economy has been showing signs of resilience, the lower growth rate for the second quarter may indicate that the pace of recovery could be slower than expected in the near term.
The figures from the ONS offer insights into the challenges that the economy continues to face, despite some positive indicators earlier in the year.
Economists and policymakers will now be closely watching upcoming economic data to assess whether the slowdown will persist into the third quarter, especially as inflation and interest rates continue to shape the economic landscape.
(This is a developing story.)
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