Expectations exceeded: The British economy grew more strongly in May than analysts had predicted. Can the new Prime Minister capitalize on the momentum?
The British economy picked up again in May. Compared to the previous month, economic output (GDP) grew by 0.4 percent, according to the statistics office ONS in London. The increase follows stagnation in April.
The new data is likely to provide a boost for new Prime Minister Keir Starmer, whose social democratic Labour Party won the parliamentary election a week ago and replaced the Conservative government.
Expectations exceeded
The economic data for May was better than analysts expected. Experts had expected a more moderate growth of 0.2 percent on average. In a three-month comparison, GDP grew by 0.9 percent up to May.
In detail, the development in May was consistently positive. The construction sector performed particularly well, expanding by 1.9 percent. The large services sector recorded growth of 0.3 percent, and the increase in industry was 0.2 percent.
Source: Stern
