United Kingdom: Britain’s economy expanded by 0.1% in May, in line with economists’ expectations, as growth in the services sector offset declines in industrial production and construction, according to data released by the Office for National Statistics (ONS). Over the three months to May, the economy grew by 0.7%, slightly slower than the revised 0.8% recorded in the three months to April.
What Drove the UK’s Economic Growth in May?
The ONS said the services sector was the main driver of economic growth, with strong performances in computer programming, advertising, and the pharmaceutical industry. However, industrial production and construction both contracted during the month, limiting overall economic expansion.
What Does the Latest GDP Data Indicate?
The latest figures suggest the UK economy continues to expand but at a slower pace. ONS Director of Economic Statistics Liz McKeown said the economy recorded robust growth over the three months to May, although momentum eased as the most recent two months showed a weaker performance.