Economic Buzz: UK Economy Grows 0.5% In May

13 Jul 2022 , 02:37 PM

UK GDP grew 0.5% M-o-M in May, much better than expectation of 0.0%. Services rose 0.4% M-o-M. Production rose 0.9% M-o-M. Construction also rose 1.5% M-o-M. Monthly GDP is estimated to be 1.7% above its pre-pandemic levels in February 2020. In the three months to May, GDP grew 0.4%. Annual growth in monthly GDP was 3.5% Y-o-Y. Also published, industrial production was up 0.9% M-o-M, 1.4% Y-o-Y, versus expectation of 0.0% M-o-M, 1.7% Y-o-Y. Manufacturing production was up 1.4% M-o-M, 2.3% Y-o-Y, versus expectation of 0.1% M-o-M, 0.3% Y-o-Y. Goods trade deficit was little changed at GBP -21.4 Billion, versus expectation of GBP -18.3 Billion.Powered by Commodity Insights