UK Economy Remains Stagnant in July, Showing Zero Growth for Second Consecutive Month: ONS

September 11, 2024 TruthUSA

Monthly figures recorded a decrease in both production and construction, with only the services sector showing growth in July.

The UK economy has remained stagnant for the second consecutive month, with no GDP growth in either July or June, according to official data.

Economists were surprised by the economic stagnation for two consecutive months, as they had expected a 0.2 percent month-on-month GDP expansion. However, following the election of the Labour government in July, the economy failed to grow.

Commenting on the latest Office of Nationals Statistics (ONS) figures, Chancellor Rachel Reeves acknowledged the challenges faced by the UK after a long period of low economic growth.

“That’s why we are taking the long-term decisions now to fix the foundations of our economy, so we can rebuild Britain and make every part of the country better off,” she stated on social media platform X on Wednesday.

Although the economy showed no growth in June and July, it displayed long-term strength with a 0.5 percent rise in the three months to July compared to the three months to April.

The services and construction sectors experienced growth in the three months to July, with increases of 0.6 and 1.2 percent respectively. However, there was a 0.1 percent decline in the production sector during this period.

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