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Royal wedding, services boost UK economy in May

by Purvai Dua July 10, 2018

written by Purvai Dua 10^th Jul 18 3:52 pm

According to latest data from Office for National Statistics, UK economy grew by 0.3 per cent in May from April helped by the royal wedding and warm weather.

After slowing in early 2018, UK services sector — which makes up more than three-quarters of GDP — grew by 0.4 per cent during the quarter, thanks to the better weather.

However, UK manufacturing sector contracted by 1.2 per cent in the three months to May, according to today’s report, amid “weak exports”. Industrial production output (which includes energy and mining) also dropped by 0.6 per cent in the quarter.

Growth in headline #GDP led by services in the 3 months to May, partially offset by falling manufacturing and construction https://t.co/UZ91shjGtr pic.twitter.com/mVFMyZ6aFR

— Office for National Statistics (ONS) (@ONS) July 10, 2018

“The first of our new rolling estimates of GDP shows a mixed picture of the UK economy with modest growth driven by the services sector, partly offset by falling construction and industrial output,” said the ONS’s head of national accounts, Rob Kent-Smith.

“Retailing, computer programming and legal services all performed strongly in the three months to May, while housebuilding and manufacturing both contracted.

“Services, in particular, grew robustly in May, with retailers enjoying a double boost from the warm weather and the royal wedding. Construction also saw a return to growth after a weak couple of months.”