United Kingdom: Economic activity gains steam in May
GDP increased 0.4% in month-on-month seasonally adjusted terms in May, which followed April’s flat reading and was double market expectations. On a rolling quarterly basis, GDP rose at a faster rate of 0.9% in March–May (February–April: +0.8% qoq), the best result since the three months up to January 2022.
Services, industrial and construction output all rose month on month in May, with construction rising at a particularly sharp pace following a steep contraction in April. The warmest May on record likely boosted both construction and services output in the month.