Economy - British economy picks up speed in May
The British economy regained momentum in May. According to the Statistical Office for National Statistics in London, the economic output (GDP) grew by 0.4 percent compared to the previous month. This follows a stagnation in April.
These new data may provide a boost for the new Prime Minister Keir Starmer, whose Labour Party won the parliamentary election a week ago and replaced the conservative government.
Surprisingly good
The economic data for May came out better than analysts had expected. On average, they had calculated with a more moderate growth of 0.2 percent. The BIP grew by 0.9 percent in the three-month comparison up to May.
In detail, the development in May was positive across the board. The construction sector performed particularly well, expanding by 1.9 percent. The large service sector recorded growth of 0.3 percent, and the industry grew by 0.2 percent.
The United Kingdom's economic recovery in May was reported by the Statistical Office for National Statistics situated in London. This upward trend might positively impact the new Prime Minister, Keir Starmer, who recently took office following his Labour Party's victory in the parliamentary election. The economic performance in May surpassed analysts' expectations with a 0.4% growth, significantly higher than the predicted 0.2%. The government, under Prime Minister Starmer, will now need to strategically implement economic policies to maintain this momentum and improve the overall Economic situation in the United Kingdom.
