0.4% faster-than-expected UK economic growth in May, driven by retail, construction, and services.

The UK economy saw a faster-than-expected growth of 0.4% in May, with a strong performance from retailers and the construction industry contributing to the expansion, according to the Office for National Statistics. The services sector also grew by 0.3%. This growth could potentially reduce the chances of the Bank of England cutting interest rates when it meets next month. The UK's GDP had not grown in April due to poor weather affecting consumer spending.

July 11, 2024
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