UK economy grew by more than expected in May, helped by house-building
Over the three months to May, the economy expanded by 0.9%
BRITAIN’S economic output rose by 0.4 per cent in May, a bigger rise than expected and helped by a jump in housing construction, according to official data that will be welcomed by the new government of Prime Minister Keir Starmer.
A Reuters poll of economists had pointed to a 0.2 per cent increase for monthly gross domestic product in May.
The data from the Office for National Statistics revealed a broad-based increase in economic output, with the services, manufacturing and construction industries all growing, the latter up by 1.9 per cent on the month, driven by the housing sector.
Over the three months to May, the economy expanded by 0.9 per cent, the strongest reading since the three months to January 2022, compared with the consensus forecast for a 0.7 per cent expansion.
The Bank of England last month said it expected the economy would grow by 0.5 per cent over the second quarter.
“The economy grew strongly in May, with all the main sectors seeing increases,” ONS Director of Economic Statistics Liz McKeown said. “Many retailers and wholesalers had a good month, with both bouncing back from a weak April.” REUTERS
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