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Money Britain's economy grew by 0.3% in May

16:09  10 july  2018
16:09  10 july  2018 Source:   news.sky.com

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Ben Brettell, Senior Economist at Hargreaves Lansdown, points out that Britain ’ s economy still looks unbalanced. The Royal wedding and some great weather boosted the economy in May , with GDP rising 0 . 3 % on April. The economy grew 0.2% in the quarter to May ..

Separate figures for Britain ' s powerhouse services sector, which accounts for around 80 per cent of the UK economy , showed output grew by 0 .2 per cent between April and May .

UK car industry © PA UK car industry The UK economy bounced back from near stagnation in May, driven by the services sector as manufacturing contracted. 

Gross domestic product grew by 0.3% month-on-month and 0.2% in the three months to May, the Office for National Statistics said. The figures were in line with economist estimates.

ONS head of national accounts Rob Kent-Smith said: "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.

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NIESR Director Jagjit Chadha says growth may remain sluggish through 2017. The economy will probably continue to perform at sub-par Britain ’ s economy grew by just 0 . 3 % in the second quarter of 2017 after what government statisticians called a “notable slowdown” in the first half of the year.

LONDON — Britain ' s economy grew as expected in the second quarter of 2017, but continued to experience a Brexit-based struggle, according to preliminary numbers from the ONS released on Wednesday.

"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."

How will Brexit affect UK house prices and mortgages? .
<p>Prospective homeowners nervously watch EU exit negotiations ahead of March 2019</p>Prices in London fell 0.4 per cent over the year to May, with weak growth elsewhere in the East and South East of England. The number of sales in such areas has also slumped.

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