GDP monthly estimate, UK: July 2024 and reaction from Chancellor Rachel Reeves

GDP monthly estimate, UK: July 2024

Gross domestic product (GDP) measures the value of goods and services produced in the UK. It estimates the size of and growth in the economy.

Chancellor of the Exchequer, Rachel Reeves said: 

"I am under no illusion about the scale of the challenge we face and I will be honest with the British people that change will not happen overnight. Two quarters of positive economic growth does not make up for fourteen years of stagnation.

“That is why we are taking the long-term decisions now to fix the foundations of our economy, including today's announcement of £8 billion of new investment from Amazon Web Services, that will help rebuild Britain and make every part of the country better off.”