GDP Monthly Estimate: June 2024

The industry which made the biggest contributions to overall GDP growth in June was Electricity & Gas Supply, which contributed 0.3 percentage points of growth to headline GDP. The positive contributions were offset by falling output in several industries. The largest contributor to monthly contraction was Manufacturing.

In June, output in the services sector is estimated to have contracted by 0.5%, with contraction in ten of the fourteen subsectors. Production sector output grew by 0.3% in June, with contractions in two of the four subsectors. Construction sector output grew by 0.5% in June.

As reported by the Office for National Statistics, there were some common themes that were anecdotally reported (as part of the Monthly Business Survey (MBS) for production and services) to have played a part in performance across different industries. However, it is difficult to quantify the exact impact.

Comments provided for June 2024 suggested that some industries may have been affected by the general election held on 4 July 2024. In a range of industries across the economy, businesses stated that customers were delaying placing orders until the outcome of the election was known. These comments covered all of manufacturing, construction, and services.

While perhaps not as frequently mentioned as in recent months, industrial action in certain industries was also cited as a possible reason for reduced output. This was stated as a reason for reduced output in TV and film production where the Screen Actors Guild strikes in America in 2023 are still affecting UK production schedules.