The UK GDP grew by 0.4% in May, surpassing the anticipated 0.2% growth, according to the latest data from the Office for National Statistics (ONS). This follows a stagnant performance in April, indicating a rebound in economic activity.
Additionally, the Index of Services rose by 1.1% over the three months to May, beating the forecast of 1.0%. Industrial and Manufacturing Production also saw positive gains, each rebounding by 0.2% and 0.4%, respectively, in May.
Despite this growth, the UK Goods Trade Balance recorded a deficit of GBP 17.97 billion in May, wider than the expected GBP 16.18 billion but narrower than April’s GBP 19.44 billion. The GBP/USD pair remained above 1.2850 following the data release.
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