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UK economy grows by 0.4% in May

The improvement in economic indicators was influenced by the increased demand for services and the growing pace of housing construction in the run-up to the general election held on July 4

LONDON, July 11. /TASS/. UK GSP grew by 0.4% in May this year in comparison with April, according to the Office for National Statistics (ONS) of the United Kingdom.

The growth demonstrated by the economy was higher than the expectations of economists, who predicted an increase in the country's GDP by 0.2%. It was noted that the improvement in economic indicators was influenced by the increased demand for services and the growing pace of housing construction in the run-up to the general election held on July 4.

The UK entered a technical recession at the end of last year after two consecutive quarters of falling GDP. At the end of the Q1 of 2024 the UK emerged from recession with economic growth of 0.7%. In March, the economy grew by 0.4% month-on-month, but in April growth was zero.

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