NIESR projects that UK monthly GDP will “remain flat” in May compared to April. The institute added “Higher-frequency data suggest that continued growth in services in May be partially offset by a further decline in manufacturing activity.”
For the second quarter, NIESR anticipates a rather lukewarm GDP growth of merely 0.1%, a pace that “broadly consistent with the longer-term trend of low economic growth”.
Paula Bejarano Carbo, Associate Economist, NIESR, noted, “With the Bank Rate set to rise further over the coming months, curbing demand, it is likely that UK growth will continue to be anaemic at best.”
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