The country’s economy has somewhat recovered after the gross domestic product (GDP) contracted by 0.1% in April, as the war between the US and Iran triggered a surge in oil prices, which fueled inflation growth.
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“The growth in May was driven by a 0.3% increase in the services sector,” according to a statement from the National Statistics Office.
These data were released as Andy Burnham prepares to take over as Prime Minister on Monday.
The latest data “is not a bad welcome gift for the new Prime Minister Andy Burnham,” noted Paul Dales, chief UK economist at the research group Capital Economics.
He added that even if GDP remained unchanged in June, the economy would grow by 0.4% over the entire second quarter. “This shows that the economy has proven to be more resilient to the rise in energy prices” than expected, he said.
The Organisation for Economic Co-operation and Development forecasts that the UK economy’s growth will slow to 0.9% this year from 1.4% in 2025, with GDP growth accelerating again to 1.1% next year.
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