'Better than expected' UK GDP grows 0.5% in June

Up 0.2% for Q2 2023

The UK’s gross domestic product grew by 0.5% in June, bringing overall growth for the second quarter to 0.2%.

The figures published by the Office for National Statistics today (11 August) follow a 0.1% dip in May and a 0.2% increase in April, after no signs of growth were reported between March and May 2023. The ONS has estimated monthly GDP to be 0.8% above its pre-Covid levels in February 2020. The increased output for June was attributed to the additional bank holiday in May, according to several businesses. Production output grew 1.8% after falling 0.6% in May, making it the biggest contributor to GDP growth over the month. The other three main sectors also posted rises. Construction w...