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UK economy grows 0.3% in May

July 10, 2018 9:01 AM
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UK economy grows 0.3% in May

Mubasher: The UK gross domestic product (GDP) in May 2018 grew by 0.3%, indicating a solid economic growth, according to official data released on Tuesday.

GDP growth between March and May came on par with the 0.2% increase seen between January and March, the UK’s Office for National Statistics (ONS) said.

"Retailing, computer programming and legal services all performed strongly in the three months to May, while house building and manufacturing both contracted,” the ONS's head of national accounts Rob Kent-Smith noted.

"Services, in particular, grew robustly in May, with retailers enjoying a double boost from the warm weather and the royal wedding. Construction also saw a return to growth after a weak couple of months," Kent-Smith added.

The ONS also said that the UK’s economy flatlined between February April, before bouncing back in May.

It is worth noting that the latest assessment changed the calculation method for the country's GDP, as the ONS will publish a monthly indicator and a rolling three-month data, instead of releasing growth figure every three months.

By 8:51 am GMT, the GBP/USD shed 0.12% to $1.3244, while the EUR/GBP shed 0.10% to GBP 0.8854.


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