UK economy contracts again in May, missing expectations for slight rebound
UNITED KINGDOM, JUL 11 – The UK economy shrank for the second month due to 1% manufacturing and 0.6% construction declines, offsetting a 0.1% rise in services, Office for National Statistics reported.
- The UK economy contracted unexpectedly by 0.1% month-on-month in May, according to data from the Office for National Statistics.
- This contraction followed a 0.3% decline in April and defied economists' forecasts for modest 0.1% growth in the same period.
- Industrial and manufacturing output fell, while the index of services showed slowing growth, contributing to the overall economic decline in May.
- The British Pound weakened, trading near 1.3540 against the US Dollar, with GBP/USD down 0.18% on the day due to discouraging economic data.
- The consecutive contractions have raised concerns about the UK's economic trajectory and may prompt policymakers to reassess growth forecasts and monetary strategies.
82 Articles
82 Articles
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Chancellor tries to reassure business leaders as economy shrinks
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The UK GDP contracted in May, with impacts on industrial production and consumer confidence. Future prospects are uncertain.
UK economy slumps for second month - East Midlands Business Link
The UK economy shrunk again in May, against expectations of growth. According to new figures from the Office for National Statistics (ONS), GDP (gross domestic product), a key measure of economy growth, is estimated to have fallen by 0.1% month-on-month in May, following a 0.3% drop in April, versus market expectations of 0.1% growth. It […]
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