UK Economy Bounces Back in May, With Grow Recorded Across Sectors

The UK economy has bounced back in May, with growth reported across services, retail and construction, according to the Office of National Statistics (ONS). Monthly GDP has increased by 0.4 percent in May, the latest data by the ONS has found. This comes after a weaker April, when the economy flatlined amid unfavourable weather affecting production and growth output. All three main sectors—services, production and construction—contributed positively to GDP growth in May. Services were up by 0.3 percent, while production and construction output also increased by 0.2 percent and 1.9 percent, respectively. “When considering growth to May 2023, it is worth noting that there was an additional bank holiday for the coronation of King Charles III,” the ONS said....