The U.K. economy grew by 0.5 percent in June, according to figures published by the ONS this morning.
The U.K.’s gross domestic product shrank by 0.1 percent in May — which was put down to the three bank holidays — and grew by 0.2 percent in April.
Production output grew by 1.8% in June 2023 after a fall of 0.6% in May 2023, unrevised from the previous publication; this sector was the main contributor to the growth in monthly GDP in June.
The construction sector grew by 1.6% in June 2023, following a fall of 0.3% in May 2023, revised down from a fall of 0.2% in the previous publication.
Services output was up 0.2% in June 2023, after showing no growth in May 2023, unrevised from the previous publication; output in consumer-facing services grew by 0.5% in June 2023, following an unrevised fall of 0.2% in May 2023.
It was the first time since October 2022 that all three sectors of the economy recorded growth
However responding to the figures JRF Chief Economist Alfie Stirling says:
“GDP growth of 0.2% means little to the 7.3 million low-income families who right now are going without essentials like heating, eating and adequate clothing. Even those who aren’t facing immediate hardship are being squeezed from all sides. As interest rates continue to rise, the already eye watering cost of rent, food and energy is being compounded by the rising cost of credit cards, overdrafts, and mortgages.
“For too many people, and too many places, the economy simply isn’t working. There are too few good jobs with rising real pay, too few people have the resources to take risks and try something new, and there is too little investment in the things we all need, both now and for the future.”
