UK economy returns to growth in May, beating expectations

UK economy returns to growth in May, beating expectations

City of London skyline on 10th June 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile.

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LONDON — The U.K. economy grew by 0.4% in May, flash figures published by the Office for National Statistics showed on Thursday.

The figure came in above the 0.2% expansion forecast by a Reuters poll of economists.

The British economy exited a shallow recession in the first quarter of the year, then flatlined in April.

The nation’s dominant services sector showed continued growth of 0.3% in May.

Goldman Sachs last week upgraded its growth forecast for the U.K. following the left-of-center Labour Party’s thumping victory in the country’s general election.

This is a breaking news story and will be updated shortly.

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