LONDON - There was good news for the UK economy on Thursday, with activity holding up better than expected in May.
The Office for National Statistics said GDP expanded by 0.1%, beating forecasts for no growth and reversing April’s 0.1% contraction.
Services output rose by 0.3%, comfortably exceeding the 0.1% consensus estimate. However, production fell by 0.5%, a steeper decline than the 0.1% forecast and a reversal of April’s upwardly revised 0.2% increase. Within the sector, manufacturing output edged up by 0.1%, following a revised 0.5% rise in April.
Liz McKeown, the ONS’s director of economic statistics, said: “The slight growth in GDP in May was driven by services alone, with production and construction both falling back.”
Growth was more broad-based over the three months to May, with all three main sectors contributing to a 0.7% expansion. That beat forecasts of 0.5%, although it marked a slight slowdown from the upwardly revised 0.8% recorded in the three months to April.
McKeown added: “The economy recorded robust growth [over the three-month period], though the pace eased slightly as the latest two months showed a weaker picture.”
Services output rose by 0.7% over the period, easing from an upwardly revised 0.9% in the three months to April. The sector made the largest contribution to headline growth.
Production increased by 0.1%, matching the upwardly revised rate recorded in the three months to April. Construction expanded by 1.6%, accelerating from a downwardly revised 1.3% previously.
The economy’s resilience during the middle of the second quarter has raised hopes of another solid quarterly expansion.
Paul Dales, chief UK economist at Capital Economics, said that even if GDP were unchanged in June, the economy would have grown by 0.4% q/q in Q2.
“That would be smaller than the 0.6% q/q gain in Q1. But it would be much better than the stagnation we had been forecasting and the Bank of England’s estimate of 0.2% q/q.”
Source: Gross domestic product (GDP) monthly estimate from the Office for National Statistics
Starmer Passes To Burnham
Incoming Prime Minister Andy Burnham will likely be encouraged by the resilient economy inherited from outgoing Labour leader Keir Starmer. However, just like England in the World Cup semi-final, it may ultimately fall short.
Sanjay Raja, chief UK economist at Deutsche Bank, said the bank expected momentum to weaken over time.
“Indeed, the Iran energy squeeze will eventually catch up with households and businesses, constraining spending and investment. Lingering geopolitical uncertainty around the Strait of Hormuz won’t help either. And it’s likely that the UK’s torrid GDP growth to start the year will course correct a bit.”
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- Economy grows 0.1% m/m, beating forecasts
- Services offset weaker production and construction
- 3M/M growth hits 0.7% on broad-based gains
- Energy risks threaten momentum
By Harry Daniels
LiveSquawk News
@HarryDaniels71
12:00 GMT | 16 July 2026
LONDON - There was good news for the UK economy on Thursday, with activity holding up better than expected in May.
The Office for National Statistics said GDP expanded by 0.1%, beating forecasts for no growth and reversing April’s 0.1% contraction.
Services output rose by 0.3%, comfortably exceeding the 0.1% consensus estimate. However, production fell by 0.5%, a steeper decline than the 0.1% forecast and a reversal of April’s upwardly revised 0.2% increase. Within the sector, manufacturing output edged up by 0.1%, following a revised 0.5% rise in April.
Liz McKeown, the ONS’s director of economic statistics, said: “The slight growth in GDP in May was driven by services alone, with production and construction both falling back.”
Growth was more broad-based over the three months to May, with all three main sectors contributing to a 0.7% expansion. That beat forecasts of 0.5%, although it marked a slight slowdown from the upwardly revised 0.8% recorded in the three months to April.
McKeown added: “The economy recorded robust growth [over the three-month period], though the pace eased slightly as the latest two months showed a weaker picture.”
Services output rose by 0.7% over the period, easing from an upwardly revised 0.9% in the three months to April. The sector made the largest contribution to headline growth.
Production increased by 0.1%, matching the upwardly revised rate recorded in the three months to April. Construction expanded by 1.6%, accelerating from a downwardly revised 1.3% previously.
The economy’s resilience during the middle of the second quarter has raised hopes of another solid quarterly expansion.
Paul Dales, chief UK economist at Capital Economics, said that even if GDP were unchanged in June, the economy would have grown by 0.4% q/q in Q2.
“That would be smaller than the 0.6% q/q gain in Q1. But it would be much better than the stagnation we had been forecasting and the Bank of England’s estimate of 0.2% q/q.”
Incoming Prime Minister Andy Burnham will likely be encouraged by the resilient economy inherited from outgoing Labour leader Keir Starmer. However, just like England in the World Cup semi-final, it may ultimately fall short.
Sanjay Raja, chief UK economist at Deutsche Bank, said the bank expected momentum to weaken over time.
“Indeed, the Iran energy squeeze will eventually catch up with households and businesses, constraining spending and investment. Lingering geopolitical uncertainty around the Strait of Hormuz won’t help either. And it’s likely that the UK’s torrid GDP growth to start the year will course correct a bit.”