UK economic system grows by 0.2%, ONS figures present

The UK economic system grew barely within the three months to June, in line with official estimates.

Gross home product (GDP) elevated by 0.2% within the second quarter of the 12 months, the Office of National Statistics (ONS) mentioned. In June alone it rose 0.5%.

It comes after a charge of 0.1% was recorded in the first quarter, the bottom quantity potential to nonetheless be classed as progress.

The Bank of England has forecast that the UK will doubtless keep away from recession in 2023 however suggested the economy will effectively flatline for the next few years.

It lately hiked interest rates for the 14th time in a row to five.25% because it makes an attempt to carry down inflation.

The charge of inflation fell by a bigger-than-expected drop in June however nonetheless stays excessive at 7.9%.

Chancellor Jeremy Hunt instructed Sky News final week that the UK, together with Europe, the US, Canada and Japan, have been “all in a low growth trap that we need to get out of”.

Read extra: Cost of living – latest: GDP figures released

He added: “What you’ll see from me in the autumn statement is a plan that shows how we break out of that low growth trap and make ourselves into one of the most entrepreneurial economies in the world.”

ONS publishes GDP information each month, which goals to measure the sum complete of every little thing produced within the economic system.

However the indicator has faced criticism for failing to include some parts of the economy, such because the contribution of unpaid carers.