UK economy grows at slower pace as coronavirus hits recoveryChristian Fernsby ▼ | July 14, 2020
The UK economy staged a mild recovery in May, following a historic fall in April according to the latest figures from the Office for National Statistics on Tuesday.
ONS said UK industrial production fell 20% in May on a year before, after having decreased 24% in April. The April fall was the biggest drop since records began. The May reading was in line with market expectations.
UK manufacturing production fell 23% year-on-year in May, having plunged at a record 29% in April. The May reading beat market expectations for a 24% decline.
The UK's total trade surplus was GBP4.3 billion in May, widened from GBP305 million in April. ■