UK monthly GDP rises 0.3% in line with market expectations
|- The UK GDP increased 0.3% over the month in May in the first monthly reading from the Office for National Statistics.
- The UK monthly GDP growth was driven by services, with falls in construction and production.
The UK monthly GDP increased by 0.3% in May in the first reading ever made by the Office for National Statistics. The UK monthly GDP growth was driven by services, with falls in construction and production.
The UK services marked 0.4% m/m growth in the services industries in the three months to May and had the biggest contribution to GDP growth. However, contraction in the production and construction industries meant that they each had negative contributions to GDP.
New model used for the GDP estimate will use a significantly higher data content in order to improve the picture for policymakers.
“While this might seem like a small change, monthly GDP will mean higher-quality and quicker estimates of our changing economy, ensuring policymakers have the important information they need to take vital decisions,” James Scruton, the head of GDP data at the ONS said.
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