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UK economy contracts again in May, missing expectations for slight rebound
UNITED KINGDOM, JUL 11 – The UK economy shrank by 0.1% in May due to lower consumer spending, supply chain issues, and reduced business investment, data from the Office for National Statistics shows.
- The UK economy contracted unexpectedly by 0.1% month-on-month in May, according to data from the Office for National Statistics.
- This contraction followed a 0.3% decline in April and defied economists' forecasts for modest 0.1% growth in the same period.
- Industrial and manufacturing output fell, while the index of services showed slowing growth, contributing to the overall economic decline in May.
- The British Pound weakened, trading near 1.3540 against the US Dollar, with GBP/USD down 0.18% on the day due to discouraging economic data.
- The consecutive contractions have raised concerns about the UK's economic trajectory and may prompt policymakers to reassess growth forecasts and monetary strategies.
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Chancellor tries to reassure business leaders as economy shrinks
Chancellor Rachel Reeves is trying to reassure business leaders about the state of the UK economy, after GDP fell unexpectedly in May for the second month in a row. Economists had predicted the economy would move back into growth, but this all now makes an interest rate cut by the Bank of England all but inevitable.
·London, United Kingdom
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The UK GDP contracted in May, with impacts on industrial production and consumer confidence. Future prospects are uncertain.
·Milan, Italy
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Coverage Details
Total News Sources83
Leaning Left8Leaning Right7Center12Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 30%
C 44%
R 26%
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