UK Economy Rebounds In May
11 7월 2024 - 1:00PM
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The UK economy rebounded at a faster-than-expected pace in May
underpinned by broad-based expansion in services, manufacturing and
construction industries, official data showed on Thursday.
Real gross domestic product grew 0.4 percent in May after
showing no growth in April, the Office for National Statistics
reported. The actual growth was double the expected 0.2 percent
expansion.
The growth flatlined in the first month of the second quarter
after wet weather damped consumer spending and construction
activity.
Services output expanded 0.3 percent in May and became the
biggest contributor to the growth.
Industrial production grew 0.2 percent, reversing a fall of 0.9
percent in April. Within in total production, manufacturing
rebounded 0.4 percent following a 1.6 percent decline. At the same
time, construction output was up 1.9 percent.
In the three months to May, real GDP advanced 0.9 percent from
the previous three months underpinned by the 1.1 percent increase
in services output.
The three-month GDP growth was the strongest since January 2022.
Production showed no growth, while construction shrank 0.7
percent.
GDP grew 1.0 percent in the three months to May from the same
period last year. In May alone, annual economic growth was 1.4
percent.
After the landslide victory of the labor party, new Chancellor
Rachel Reeves said growth is the government's national mission. She
said the new government will rebuild Britain and make every part of
the country better off.
The increase in GDP in May was the fourth increase in the past
five months, which supports the idea that the dual drags on
activity from higher interest rates and higher inflation are
starting to fade, Capital Economics' economist Ashley Webb
said.
The Bank of England will cut interest rate by a quarter point to
5.00 percent at the next policy meeting in August, although the
timing of the first cut will be heavily influenced by June's
inflation and May's labour market data releases next week, Webb
noted.
ING economist James Smith said the BoE is likely to start
cutting rates and three cuts are expected in total this year.
Another official data today showed that the visible trade
deficit narrowed to GBP 17.9 billion in May from GBP 19.4 billion
in April. Meanwhile, the surplus on services trade remained almost
unchanged at GBP 13 billion.
As a result, the total trade deficit narrowed to GBP 4.89
billion from GBP 6.4 billion in the previous month.
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