Mortgage News
NIESR: UK economy grows 0.6% in the three months to May
The UK economy grew by 0.6% in the three months ending May, driven primarily by growth in the production and private services sectors, according to the National Institute of Economic and Social Research (NIESR).
The economic research institute today said its latest monthly estimate of GDP suggested output rose by 0.6%, following growth of 1% in the three months ending April.
Excluding the estimate for April, which NIESR revised up from 0.8% to 1%, this latest reading represents the strongest output estimate by this measure since September 2012 when it stood at 0.9%.
NIESR’s latest quarterly forecast projects growth of 0.9% per annum this year and 1.5% in 2014.
Looking ahead, the institute says the private services sector is likely to continue to drive growth for the remainder of 2013.
The period of depression is expected to continue for some time while output is not expected to pass the 2008 peak until 2015.
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The British Chamber of Commerce recently upgraded its long-term growth forecast for the UK, and also predicts output to rise by 0.9% in 2013 having previously forecast 0.6% growth.