UK economy grows at slower pace as coronavirus hits recovery
UK gross domestic product edged up 1.8% month-on-month in May, following a 20% drop in April which was the biggest monthly fall since the series began. Market consensus had expected GDP growth to come in at 5.0% in May.
ONS said UK industrial production fell 20% in May on a year before, after having decreased 24% in April. The April fall was the biggest drop since records began. The May reading was in line with market expectations.
UK manufacturing production fell 23% year-on-year in May, having plunged at a record 29% in April. The May reading beat market expectations for a 24% decline.
The UK's total trade surplus was GBP4.3 billion in May, widened from GBP305 million in April. ■