UK Economy Grew 1.8% on Month in May
July 14 2020 - 2:47AM
Dow Jones News
By Jason Douglas
LONDON--The U.K. economy expanded in May after recording its
deepest contraction on record in April, adding to signs the lowest
point in the downturn in the global economy has passed.
Gross domestic product expanded 1.8% in May compared with April,
the Office for National Statistics said Tuesday. That compared with
a 20.3% contraction the previous month as businesses shut at the
peak of the coronavirus pandemic.
Manufacturing activity expanded as some factories resumed
operation but the services sector grew only slightly, figures
show.
Still, the economy in May was 24% smaller than it was a year
earlier, highlighting the long slog ahead to recover lost
ground.
Write to Jason Douglas at jason.douglas@wsj.com
(END) Dow Jones Newswires
July 14, 2020 02:32 ET (06:32 GMT)
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