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Financial News: UK Growth Climbs To 0.3% In May

UK Growth Climbs To 0.3% In May

07/10/2018 - 04:59:00 (RTTNews)

(RTTNews) - UK economic growth increased in May, led by services, while production declined, the first ever monthly GDP estimate from ONS revealed Tuesday.

Gross domestic product rose 0.3 percent month-on-month in May after 0.2 percent increase in April and a flat reading in March.

Services grew 0.3 percent, while production continued to decline, down 0.4 percent. Construction grew 2.9 percent.

In the more reliable 3-month comparison, GDP rose 0.2 percent in the quarter to May after a flat outcome in the three month to April period.

"The first of our new rolling estimates of GDP shows a mixed picture of the UK economy with modest growth driven by the services sector, partly offset by falling construction and industrial output," Rob Kent-Smith, Head of National Accounts at ONS, said.

"Retailing, computer programming and legal services all performed strongly in the three months to May while house-building and manufacturing both contracted."

Further, Kent-Smith said 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 month, the ONS official added.

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