Konjunktur: Britische Wirtschaft wächst doppelt so schnell wie deutsche

The British economy experienced a slowdown in the second quarter, with the Gross Domestic Product (GDP) growing by 0.4% from April to June compared to the previous quarter, according to figures released by the Office for National Statistics (ONS) on Thursday. In the first quarter, the British economy had seen a 0.6% increase. Despite the deceleration, the British economy still grew at twice the pace of the German economy.

Chancellor of the Exchequer John Healey highlighted the result, comparing it to the seven most significant industrial nations (G7), stating, "We have seen the fastest growth in the G7 this year." The strong performance was largely attributed to the June month, during which the GDP grew by 0.3% compared to the previous month. The reasons for this growth included temporarily falling oil prices following a ceasefire in the Iran war, the beginning of the FIFA World Cup, and the summer weather.

The first quarter was also marked by uncertainty surrounding the retention of then-Prime Minister Keir Starmer, who eventually resigned in July. His successor, Andy Burnham, has stated that his government will reduce costs for businesses and alleviate household expenses in light of a "difficult financial situation." However, economists expect that the war in Iran will further curb the growth of the British economy in the broader year ahead due to rising energy prices burdening both businesses and households.

While household data showed that the dominant service sector continued to grow in July, the overall outlook remains cautious. "We need to follow up on this strong performance now," Healey added.