Economy

Britain's GDP rises by 0.3 pct in May

Britain's GDP rises by 0.3 pct in May”

Meanwhile, Britain's GDP grew by 0.3 percent in the three months to May, compared with the preceding three months, between December 2018 and February 2019.

Additionally, rolling three-month growth was 0.3%, the second consecutive slowing in growth since the 0.5% recorded in Q1.

'The economy returned to growth in the month of May, following the fall seen in April. But barring a miracle from June data, the United Kingdom economy is likely to have contracted in Q2 for the first time in seven years.

A Mini electric vehicle rolls down the production line at the BMW plant in Cowley, near Oxford.

"GDP grew moderately in the latest three months", Kent-Smith said, noting that the IT, communications, and retail sectors showed strength.

"Despite this, there has been a longer-term slowdown in the often-dominant services sector since summer 2018".

Growth in mining and quarrying also remained strong, with 1.6% growth for the three months to May.

Factory output rose by 1.4% on the month, following a sharp drop of 4.2% in April, with the ONS finding that a partial bounceback from vehicle production had driven up growth.

Growth for the three months to May was also 0.3%, with all sectors in the black, but economists warn this may not be enough to avoid recession in Q2.

Last month, the BoE said that it expected economic growth to flatline during in the second quarter (Q2) of the year, after the United Kingdom recorded 0.5% growth in the previous quarter.

Ben Brettell, senior economist at Hargreaves Lansdown, added: "UK GDP rebounded 0.3% in May, having lost 0.4% in June, today's ONS release showed". It expanded by the same amount compared to April, when shutdowns at vehicle makers and other no-deal hiatus dragged activity into negative territory, curtailing overall GDP by 0.4pc.

"Manufacturing activity picked up in May as vehicle production reopened, but the longer-term measures point to a sector under pressure from the running down of excess stock, tougher global trading conditions and rising upfront costs".



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