UK GDP Revised to 0.5% in Q2, Slightly Below Initial Estimate

The British economy expanded by 0.5% in the second quarter of 2024, according to updated data from the Office for National Statistics (ONS). This figure reflects a downward revision from the preliminary estimate of 0.6%, which had been expected to remain unchanged. The revision comes amid concerns about the pace of the UK’s post-pandemic recovery, with annual growth of 0.7%, slower than the previously forecasted 0.9%.

The announcement had little impact on the British pound, which remained relatively stable against the U.S. dollar following the release. Prime Minister Keir Starmer's government, which took office in July, continues to focus on policies aimed at accelerating economic growth.

The revised figures highlight the ongoing challenges facing the UK economy, particularly in light of global economic uncertainties.