The economy British economy picks up speed in May

The British economy regained momentum in May. Compared to the previous month, economic output (GDP) grew by 0.4 percent, according to the ONS statistics office in London. The growth follows stagnation in April.

The new data is likely to provide a tailwind for the new Prime Minister Keir Starmer, whose social democratic Labor Party won the general election a week ago and replaced the Conservative government.

The economic data for May turned out better than analysts had expected. On average, experts had expected more moderate growth of 0.2 percent. In a three-month comparison, GDP grew by 0.9 percent in the year to May.

In detail, the development in May was consistently positive. The construction sector performed particularly well, expanding by 1.9%. The large service sector recorded growth of 0.3 percent, while industry grew by 0.2 percent.

SDA