UK Economy Bounces Back in May with Modest Growth
A 0.1% increase, driven by the services sector, reverses a slight contraction from the previous month.
Business & Markets • 3 months ago
The United Kingdom's economy expanded by 0.1% in May, according to the latest data from the Office for National Statistics (ONS). This modest growth was primarily fueled by the services sector, though declines in the production and construction sectors partially offset the gains.
The May figures indicate a recovery from a slight contraction experienced in April. In the three-month period leading up to May, the UK economy saw a cumulative growth of 0.7% compared to the preceding three-month period.