Figures released by the Office of National Statistics (ONS) have estimated that monthly real gross domestic product (GDP) grew by 0.5% in June 2023.

Despite the 0.1% drop in May and growth of 0.2% in April, UK GDP has increased by 0.5%.

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Production output contributed to the growth, which increased by 1.8% in June after a drop of 0.6% in May 2023.

The construction sector grew by 1.6% in June 2023, following a fall of 0.3% in May 2023; services output was up 0.2% in June 2023, after showing no growth in May 2023; and output in consumer-facing services grew by 0.5% in June 2023, following an unrevised fall of 0.2% in May 2023.

GDP showed 0.2% growth in the three months to June 2023 when compared with the three months to March 2023.

Mike Randall, CEO of Simply Asset Finance said:

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“Modest growth this month reflects a positive outlook for businesses as we creep closer to the Bank of England’s end-of-year growth forecast.

“After the latest BDO business trends report indicated that employers’ hiring intentions had dropped in June for the first time in six months, a slight increase in GDP will be welcome news for businesses looking to build their businesses and expand their workforces. 

“However, with the economy still lagging behind industry expectations, it’s evident businesses will need more than a slight increase in GDP to maintain their confidence.

“With interest rates remaining high and inflation yet to reach comfortable levels, access to funding remains critical to business growth. To ensure the longevity of businesses, lenders must remain committed to supporting businesses through the ups and downs of economic waves.”

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