Official data released on Thursday showed that the UK economy grew by 0.3% in the second quarter of this year, raising the annual GDP growth rate over the past 12 months to 1.2%.

The UK Office for National Statistics (ONS) reported in its release that the economic growth between April and June was driven by a 0.4% rise in the services sector, which accounts for 79% of total economic activity.

It added that the construction sector also grew by 1.2%, while industrial production declined by 0.3%.

In a separate report, the ONS noted that the UK’s trade deficit in goods and services narrowed by £1.7 billion ($2.3 billion) in Q2 2024, falling to £9.2 billion ($12.4 billion).

It further stated that the value of UK imports between April and June reached £236.3 billion ($320.8 billion), while exports stood at £227.1 billion ($308.4 billion).