United Kingdom Monthly GDP MoM

The British economy expanded 0.4% month-over-month in May 2024 after stalling in April and beating forecasts of a 0.2% increase. “Many retailers and wholesalers had a good month, with both bouncing back from a weak April. Construction grew at its fastest rate in almost a year after recent weakness, with house building and infrastructure projects boosting the industry”, said Liz McKeown, ONS director of economic statistics. The services sector grew 0.3%, the same as in April, and was the largest contributor to growth, namely retail trade, except of motor vehicles and motorcycles industry (2.9%); and professional, scientific and technical activities (1%). Industrial production rose 0.2%, rebounding from a 0.9% drop in April, mostly driven by manufacturing (0.4%), with production of food products, beverages and tobacco rising 1.7%. Meanwhile, construction output expanded 1.9%, recovering from a 1.1% fall in April, with both new work (2.7%) and repair and maintenance (0.8%) increasing.