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UK economy returns to growth in May
Services led a 0.1% monthly rise, but production and construction fell as energy price pressures from the Middle East conflict weighed on activity.
- The UK economy grew by 0.1% in May following a 0.1% contraction in April caused by inflation linked to the US-Iran war.
- The Office for National Statistics reported the May growth was due to a 0.3% rise in services output.
- ONS director Liz McKeown said GDP growth in May was driven solely by services, while production and construction declined.
- The OECD forecasted UK GDP growth to slow to 0.9% in 2024 from 1.4% in 2025, then to rise to 1.1% the following year.
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UK economy claws back some growth as Burnham prepares to take power
Britain's economy eked out minimal growth in May as the services industry expanded but other sectors shrank, suggesting fragile confidence among businesses against the backdrop of the Iran war and a change of prime minister at home.
UK economy rebounds as nation awaits new prime minister
The latest data "is not a bad welcome gift for incoming PM Andy Burnham", noted Paul Dales, chief UK economist at Capital Economics research group. The post UK economy rebounds as nation awaits new prime minister appeared first on Vanguard News.
Coverage Details
Total News Sources37
Leaning Left7Leaning Right4Center9Last Updated45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 35%
C 45%
R 20%
Factuality
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