Britain's economy GROWING FASTER than France and Germany new data shows
The UK's economy is currently outpacing that of Germany and France
GETTY
Britain has become the fastest growing economy in the G7, according to the latest figures from the Office for National Statistics (ONS).
UK gross domestic product (GDP) jumped by 0.6 per cent over the second quarter, April to June, of 2024.
In comparison, the country's economy has grown more than the US and double as fast as France over the same period.
This economic bounce back comes after Britain fell into a "technical recession" towards the end of 2023.
Despite being Europe's biggest economy, Germany's GDP slipped by 0.1 per cent over Q2.
Over the three months to June, France and Italy's respective economies also improved by 0.3 per cent and 0.2 per cent.
Do you have a money story you’d like to share? Get in touch by emailing money@gbnews.uk.
The German economy has floundered in 2024
GETTY
GDP for the wider Eurozone rose by 0.3 per cent, half of the UK's overall growth for the second quarter.
Economic growth in Britain has, so far, surpassed most over major economies with GDP rising by 1.3 per cent over.
This is more than the US's 1.1 per cent and double the growth reported for France at 0.6 per cent.
Germany continues to prove to be the "Sick Man of Europe" with the economy only expanding by 0.1 per cent.
Gross domestic product figures for Italy and Canada found each country's economy growing by 0.5 per cent and 0.9 per cent respectively.
It should be noted that Q2 GDP figures for the Japanese economy has yet to be announced.
However, considering Japan's growth shrunk by 0.5 per cent in the first quarter, economists are pricing in
Richard Carter, the head of fixed interest research at Quilter Cheviot, compared the UK's economic performance to that other nations.
He said: "UK GDP has stayed flat with zero per cent growth in June, following a sizable 0.4 per cent increase in May.
"However, this latest data not only reflects the June figures but also confirms that the UK economy grew by 0.6 per cent in Q2 overall, demonstrating a relatively positive set of figures especially in the context of corresponding US and European figures."
LATEST DEVELOPMENTS:
Chancellor Rachel Reeves has suggested tax rises may still be needed
POOLDespite the UK's growth, Chancellor Rachel Reeves has indicated that tax rises are on their way.
John Choong, the head of equities and market at Investors Edge, warned this GDP boost "comes with a twist".
Choong explained: "This puts Britain on track to be the G7’s star pupil, potentially outpacing even the mighty US economy if it can continue to keep up its current pace of growth.
"This is a testament to the nation’s economic resilience in the face of global headwinds and high interest rates. However, this success story comes with a twist. The MPC might now be less inclined to ease up on interest rates."