UK GDP growth revised down to 0.5% in Q2 2024: ONS

01 Oct '24

2 min read

UK GDP growth revised down to 0.5% in Q2 2024: ONS

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UK real GDP was estimated to have grown by 0.5 per cent quarter on quarter (QoQ) in Q2 2024, revised down from a first estimate rise of 0.6 per cent, official data show.
Real GDP was estimated to have increased by 0.7 per cent YoY in Q2 2024.
UK nominal GDP was estimated to have increased by 1.1 per cent QoQ in Q2 2024, while it was estimated to have risen by 3.3 per cent YoY during the quarter.

UK real gross domestic product (GDP) was estimated to have grown by 0.5 per cent quarter on quarter (QoQ) in the second quarter (Q2) this year, revised down from a first estimate increase of 0.6 per cent, according to the Office of National Statistics (ONS).

Real GDP was estimated to have increased by 0.7 per cent year on year (YoY) in Q2 2024.

The quarterly path of real GDP at an aggregate level was largely unchanged from 2023 onwards. However, there have been downward revisions of 0.1 percentage point in Q1 2023 and Q2 2024.

Following the preannounced revisions to growth in 2022, GDP for 2023 as a whole was estimated to have increased by 0.3 per cent, revised up from the first estimate increase of 0.1 per cent.

Nominal GDP was estimated to have increased by 1.1 per cent QoQ in Q2 2024 (previously estimated as a 0.9-per cent increase), mainly driven by increases in all main components, while it was estimated to have increased by 3.3 per cent YoY during the quarter, an ONS release said.

Real households' disposable income was estimated to have grown by 1.3 per cent in Q2 2024, down from 1.6 per cent in Q1.

The household saving ratio was estimated at 10 per cent in Q2 2024, up from 8.9 per cent in Q1.

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