July 11, 2024 06:17 GMT
MNI BRIEF: UK GDP Boost In May, With 3-Month Growth At 2-year High
May bounceback in services sector helps UK economy record solid burst of growth
MNI (LONDON) - The UK economy grew by 0.4% in May 2024, picking up from a month of no growth in April, the latest data from the Office for National Statistics showed Thursday.
GDP is estimated to have grown by 0.9% in the three months to May 2024 compared with the three months to February 2024, the ONS said, driven by a growth of 1.1% in services output. The data was largely inline with Bank of England expectations and is unlikely to shift the needle in upcoming policy discussions.
“The economy grew strongly in May with all the main sectors seeing increases," ONS Director of Economic Statistics Liz McKeown said. "Across the last three months as a whole, the economy grew at its quickest pace for over two years with strong growth across.”
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