UK GDP Grows by 0.4% in May, Fueled by Strong Performance in Services Sector

Thursday, 11 July 2024, 06:08

UK GDP experienced a growth of 0.4% month-over-month in May, exceeding the projected 0.2% increase. The expansion was mainly propelled by a 0.3% rise in services output, which played a significant role in the overall uptick in the monthly GDP. Moreover, production output also showed a positive trend with a 0.2% increase, while construction output notably surged by 1.9% month-over-month.

Actionforex — UK GDP Grows by 0.4% in May, Fueled by Strong Performance in Services Sector

UK GDP Growth Overview

UK GDP soared by 0.4% mom in May, surpassing initial forecasts.

Key Factors:

Services sector experienced a 0.3% mom increase.
Production output saw a 0.2% mom rise.
Construction output exhibited a notable jump of 1.9% mom.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

UK GDP Growth Overview

Key Factors:

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