United Kingdom: Economy rebounds in May
GDP reading: GDP increased 0.1% on a seasonally adjusted month-on-month basis in May, following a 0.1% drop in the previous month. The reading was in line with market expectations.
On a rolling quarter basis, GDP was up 0.7% in May, following 0.8% growth in the prior rolling quarter.
Panelist insight: On the latest data, ING’s James Smith said:
“Ongoing strength in UK monthly GDP fits a familiar pattern seen in recent years, with growth tending to outperform in the opening months of the year before losing momentum later on. We expect activity to slow into the summer.”