UK GDP - Quarterly National Accounts Q2 2024

Key points:

GDP growth in Q2 is revised down to have grown by 0.5% as compared to the previous quarter, led by information and communication sectors, but offset by declines in production and construction sectors.
GDP growth for 2023 is revised up to 0.3% from 0.1%, primarily due to updated data from the income approach to measure GDP.
Services output increased by 0.6% in Q2 revised down from the first estimate, driven by an increase in information and communication and professional, scientific and technical activities.
Overall, non-consumer-facing services (business-facing services) grew by 0.9% in Q2 2024, while consumer-facing services fell by 0.3% in Q2 2024, following growth of 0.6% in Q1 2024.
Production output is also revised down, falling by 0.3% in Q2, with manufacturing being the largest negative contributor.
Household consumption increased by 0.2% in Q2, unrevised from the first estimate.
Real households' disposable income grew by 1.3% in Q2 2024, with the household saving ratio increasing to 10.0% up from 8.9% in Q1.
Nominal GDP rose by 1.1% in Q2, with inflation as measured by the implied GDP deflator easing to 2.6%.
Imports increased by 6.3%, while exports fell by 0.3%, leading to a trade deficit of 1.4% of GDP excluding non-monetary gold.
Business investment grew by 1.4%, and gross capital formation increased, driven by growth in transport equipment and intellectual property products

Real GDP is estimated to have increased by 0.5% in Q2 2024

Source: ONS