UK monthly GDP rise 0.3% in line with market expectations

• The UK GDP increased 0.3% over the month in May in the first monthly reading from the Office for National Statistics.

The UK monthly GDP increased by 0.3% in May in the first reading ever made by the Office for National Statistics.  

New model used for the GDP estimate will use a significantly higher data content in order to improve the picture for policymakers.

“While this might seem like a small change, monthly GDP will mean higher-quality and quicker estimates of our changing economy, ensuring policymakers have the important information they need to take vital decisions,” James Scruton, the head of GDP data at the ONS said.