The UK economy improved slightly in May, as GDP rose 0.3% compared to 0.2% in April, which the European Union said was the strongest growth since November. The service industries, which make up 80% of economic output, led the recovery with a 0.3% growth in May, but industrial growth fell to 0.4% and manufacturing growth slowed. Construction growth grew, following bad weather earlier this year. The UK trade deficit remained roughly the same in May. Sterling fell against the dollar on the news, and economists expected the figure to boost expectations of an interest rate rise next month.
The UK economy improved slightly in May, as GDP rose 0.3% compared to 0.2% in April, which the Office for National Statistics said was the strongest growth since November. The service industries, which make up 80% of economic output, led the recovery with a 0.3% growth in May, but industrial growth fell to 0.4% and manufacturing growth slowed. Construction growth grew, following bad weather earlier this year. The UK trade deficit remained roughly the same in May. Sterling fell against the dollar on the news, and economists expected the figure to boost expectations of an interest rate rise next month.