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7/9, 8:03 AM (Source: TeleTrader)
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UK economy expands by 0.8% in May

The British economy is estimated to have expanded by 0.8% in May compared to the previous month, achieving the fourth month of growth in a row but failing to meet market estimates. According to a report published on Friday by the Office for National Statistics, the United Kingdom's gross domestic product remained 3.1% below pre-pandemic levels seen in February last year.

The service sector rose 0.9%, with accommodation and food service activities surging as much as 37.1% boosted by the relaxation of the coronavirus-related restrictions. The production sector rebounded by growing 0.8%, while on the other hand, output in the manufacture of transport equipment plunged 16.5%, mainly due to chip shortages affecting the auto industry.

Lastly, the construction sector contracted by 0.8%, but remained 0.3% above pre-crisis levels.

Breaking the News / ND