“Today’s data release shows that the British economy is in slightly better shape than initially expected. Following a poor April when industrial production collapsed, a modest recovery in May was enough to keep the economy in growth territory. Service sector output is still growing but at a more sluggish pace than in the previous 12 months.
“Worryingly, however, the construction sector continues to struggle, also highlighted by recent PMI figures. Retail trade data also remains soft, and both retail and construction are sectors where the number of business failures was still rising, according to latest data from Dun & Bradstreet. With the Brexit uncertainty dragging on, any significant upturn in real GDP growth in the next few quarters seems unlikely.”
Markus Kuger, Lead Economist, Dun & Bradstreet