The UK’s economy grew by 0.6% between April and June as it continued its recovery from the recession at the end of last year.
The latest figure was in line with forecasts and follows a 0.7% increase in the first three months of this year.
Growth was led by the services sector, in particular the IT industry, legal services and scientific research. Services are the biggest contributor to the UK’s economy, far outstripping manufacturing and construction, both of which saw output fall between April and June.
Out of interest, what GDP increase figures would lead to an increase in living standards?🤔
Wage rises in excess of cpi, generally. Gdp increases can be meaningless on an individual basis. For instance, Australia has had years of gdp rises, which are just due to increased population size. The average person has less money as population rising faster than gdp. It’s a per capita recession, but not a technical recession.
