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UK economy recovers more than expected, growing 0.4% in May

The United Kingdom’s Gross Domestic Product (GDP) grew 0.4% in May, after stagnating in the previous month, the British National Statistics Office (ONS) announced this Thursday.

The services sector grew 0.3% in May, after an increase of 0.3% in April, while the industrial sector advanced 0.2%, after increasing 0.9% in April. Construction grew 1.9% in May, compared to a drop of 1.1% in the previous month.

British GDP grew 0.9% in the three months to the end of May, compared with the previous quarter, according to revised ONS data.

“Over the past three months, the economy as a whole has grown at the fastest pace in more than two years, with strong growth in services, partially offset by weaker long-term performance in construction o”, stated the ONS statistics director.

“Many retailers and wholesalers had a good month and both recovered from a weak April,” added Liz McKeown.

In reaction to the data, the new British Finance Minister, Rachel Reeves, said that “ensuring economic growth” is the “national mission” and that there is no time to waste .

“That’s why this week I’ve already taken the urgent steps needed to lay the foundations of our economy and rebuild the UK,” he added.

“A decade of national renewal has begun and we are just getting started”, highlighted the leader, who took over the reins of the country’s economy after Labor’s victory in the British general elections 4th of July only.

Source

Francesco Giganti

Journalist, social media, blogger and pop culture obsessive in newshubpro

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