UK GDP grew 0.2% in three months to May. Modest, driven by services

UK GDP rose grew 0.3% mom in May and 0.2% in the three months to May.

Growth were drive by Services with 0.34% growth in the rolling quarter. Production dropped -0.08% while construction dropped -0.10%.

Head of National Accounts Rob Kent-Smith said in the release:

“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.

“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.”.

Full UK GDP release.

Also from UK:

• Visible trade deficit was unchanged at GBP -12.4B in May.
• Industrial production dropped -0.4% mom, rose 0.8% yoy. Manufacturing production rose 0.4% mom, 1.1% yoy.
• Construction output rose 2.9% mom.