UK GDP slows

UK GDP flatlines – not so helpful for Sunak and his election campaign

In April 2024, the U.K.’s economic growth came to a standstill, figures released on Wednesday 12th June 2024 indicated, putting a pause on the subdued recovery from the previous year’s recession just weeks before the UK election.

Analysts had anticipated growth a levelling off following a 0.4% expansion in March 2024.

Over a longer period however, the outlook was slightly more positive, with a 0.7% increase in gross domestic product (GDP) in the three months leading up to April 2024.

The construction sector saw a 1.4% decrease, marking its third consecutive decline, and production output fell by 0.9%. However, the U.K.’s dominant service sector witnessed growth, with a 0.2% increase.

The UK had managed modest growth each month in the first quarter of the 2024 as the country emerged from a mild short technical recession.

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