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UK economic growth halts in April, adding strain to Sunak's agenda

UK economic growth halts in April, adding strain to Sunak's agenda

Posted on June 17, 2024   |  

In April, Britain's economy stalled after a strong start to 2024, mainly due to rainy weather.

The Labour Party criticized Prime Minister Rishi Sunak's pre-election claims of a turnaround, pointing to the stagnant growth figures.

Gross domestic product remained unchanged in April, meeting economists' expectations following a 0.4% rise in March.

Over the three months leading to April, the economy expanded by 0.7%, its quickest growth in nearly two years compared to the previous three months ending in January.

Despite recent growth, the economy is only 0.6% larger than in April 2023 and 2.2% larger than during the 2019 national election, indicating relatively weak performance.

Forecasts suggest the Bank of England may reduce interest rates from their 16-year high of 5.25% later this year to ease pressures from higher rates and inflation.

April's growth was solely driven by the services sector, particularly in information technology and professional and scientific fields, while manufacturing and construction output both declined by 1.4% monthly.



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