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UK GDP growth picks-up to 0.3% in May driven by construction

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Staff Writer | July 10, 2018
UK GDP
Britain   Services output fared best

Britain's economy accelerated in May, driven by a surge in construction output, after flat-lining in April.

According to the Office for National Statistics, the UK's gross domestic product expanded at a month-on-month pace of 0.3%, which was a tenth of a percentage point higher than in the month before.

A 2.9% jump in construction output was the chief driver behind the gains, following a drop of 1.8% in March and a flat reading for April.

Services output on the other hand eased a tad from April's rate of growth of 0.4%, slipping to 0.3%, with industrial production shrinking by 0.4% on top of a drop of 1.0% in the month before.

In terms of quarterly rates of change, ONS said gross domestic product grew by 0.2% over the three months to May, the same pace as seen over the first three months of the year.

Nevertheless, that did mark an improvement from no growth seen over the three month to April.

Services output fared best, helped by warm weather and the royal wedding, expanding by 0.4%, but was offset by a 1.2% drop in factory production and a 1.7% decline in construction output.

Agricultural output meanwhile was flat.

Tuesday's figures marked the inaugural release of rolling monthly estimates of GDP by ONS.


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