UK economy returns to growth in May, beating expectations
What was the U.K.'s economic growth rate in May?
The U.K.'s economy grew by 0.4% in May, according to flash figures published by the Office for National Statistics. This growth was observed across all sectors, with the nation's dominant services sector expanding by 0.3%, production rising by 0.2%, and construction output increasing by 1.9%.
How did the British pound perform against the U.S. dollar in May?
In May, the British pound reached a four-month high against the U.S. dollar, following the announcement of the U.K. economy's 0.4% growth in the same month. This broad-based recovery was welcomed by the newly-elected Labour Party, as Prime Minister Keir Starmer began his first week in office.
What sectors contributed to the U.K.'s economic growth in May?
In May, the U.K.'s economic growth was driven by a 0.3% expansion in the services sector, a 0.2% rise in production, and a 1.9% increase in construction output. These sectors contributed to the overall 0.4% GDP growth, surpassing expectations.