GDP Report – July 2024
In a report published by the House Of Commons this week GDP is estimated to have grown by 0.5% in May-July 2024 compared to the previous three-month period (February-April). Monthly real GDP is estimated to have shown no growth in July 2024.
Gross domestic product (GDP) measures the value of goods and services produced in the UK. It estimates the size of and growth in the economy.
GDP is estimated to have grown by 0.6% in the latest calendar quarter (April-June 2024) compared to the previous three-month period (January-March).
In their March 2024 Economic and fiscal outlook, the Office for Budget Responsibility’s (OBR) GDP growth forecast was 0.8% in 2024 and 1.9% in 2025.
The Treasury’s August 2024 survey of independent forecasts showed an average forecast of 1.1% for 2024 and 1.3% for 2025.
The Office For National Statistics (ONS) summarised the GDP Report – July 2024:
Monthly real gross domestic product (GDP) is estimated to have shown no growth in July 2024, after also showing no growth in June 2024.
Real GDP is estimated to have grown by 0.5% in the three months to July 2024 compared with the three months to April 2024, with widespread growths in the services sector in this period.
Services output grew by 0.1% in July 2024, following a decrease of 0.1% in June 2024, and grew by 0.6% in the three months to July 2024.
Production output decreased by 0.8% in July 2024, following a growth of 0.8% in June 2024, and decreased by 0.1% in the three months to July 2024.
Construction output decreased by 0.4% in July 2024, following a growth of 0.5% in June 2024, but grew by 1.2% in the three months to July 2024, its first positive three-month growth since September 2023.
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