UK economy up 0.5% in May compared to April

The UK economy rebounded in May after the contraction in the previous month, although the pick-up in activity was likely a one-off boost rather than an improvement in the country’s underlying growth trend.

The economy has seen growth in all major sectors, the Office of National Statistics (ONS) said on Wednesday.

The UK’s gross domestic product (GDP) increased by 0.5% in May from a month earlier, ONS data showed.

Economists consulted by the The Wall Street Journal expected the economy to stagnate for the month.

The recovery in growth seen in May follows a contraction of 0.2% in April.

The Bank of England (BoE) expects the UK economy to shrink in the second quarter as household incomes decline due to the cost-of-living crisis and reduce spending.

Industrial production rose 0.9%, the data showed. Economists heard by The Wall Street Journal expected a retraction of 0.3% in the indicator.

Source: CNN Brasil

You may also like