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Reading: The economy reported stronger than anticipated 0.4% growth in May following earlier rainy weather.
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Baner Club > Blog > Ecnomics > The economy reported stronger than anticipated 0.4% growth in May following earlier rainy weather.
EcnomicsWeather

The economy reported stronger than anticipated 0.4% growth in May following earlier rainy weather.

Better-than-expected official numbers for May show that the economy gained some ground back thanks to the arrival of milder weather.

Last updated: 2024/07/11 at 7:54 AM
Published July 11, 2024
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Following zero growth in April, the Office for National Statistics (ONS) reported 0.4% rise in the gross domestic product in May.
A 0.2% increase was predicted in May according to a Reuters survey of economists.

April’s monsoon-like weather, rather than April showers, damaged consumer confidence and hindered building.
Liz McKeown, head of economic statistics at the ONS, stated: “May saw robust economic growth across all major sectors.

“After a sluggish April, many wholesalers and retailers rebounded well in May.
Following recent setbacks, the construction industry rose at its strongest rate in over a year.

The economy expanded at its fastest rate in over two years during the past three months overall, driven primarily by strong growth in services and only slightly offset by weaker long-term performance in construction.

The figure was well received by Chancellor of the Exchequer Rachel Reeves, and it came before the general election.

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admin July 11, 2024 July 11, 2024
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