UK economy contracts 0.1% monthly in May, despite forecasts
On annual basis, British GDP up 0.7% in May
ISTANBUL
The British economy shrank 0.1% in May, in spite of market estimates, according to official data released on Friday.
The figure came below market forecasts of 0.1% growth for the month.
The latest figure followed a 0.3% contraction in the gross domestic product (GDP) in April, Office for National Statistics (ONS) data showed.
Of the three main sectors, production output was the largest contributor to the monthly fall, decreasing 0.9% month-on-month.
Construction output also fell 0.6% in May
On the other hand, services output saw growth of 0.1% in the month.
"Real GDP is estimated to have grown by 0.5% in the three months to May 2025, compared with the three months to February 2025. This reflected growth earlier in the year that resulted, in part, from some activity being brought forward to February 2025 and March 2025," the ONS said in a statement.
On an annual basis, Britain's GDP grew 0.7% in May, matching market estimates.
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