UK GDP Expands 0.1% in May, Services Offset Production Weakness
UK GDP rose 0.1% in May, beating the flat reading economists expected. Services output grew 0.3%, offsetting declines in production and construction. The next GDP print for June is due mid-August.
The UK economy grew 0.1% month-on-month in May, beating the flat reading economists had forecast and reversing April's 0.1% contraction. Services output rose 0.3%, with seven of fourteen subsectors expanding. Production fell 0.5%, led by a 4.6% drop in mining and quarrying. Construction declined 0.8%, the second straight monthly fall.
Manufacturing eked out a 0.1% gain, preventing a steeper industrial decline.
Over the three months to May, GDP expanded 0.7%, following 0.8% in the prior period. Services grew 0.7% over that stretch. Construction posted a 1.6% gain over the quarter despite the monthly weakness. Production managed a 0.1% rise.
Sterling held steady after the release. The next GDP print for June is due in mid-August.
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