UK Economy Grows 0.1% in May Driven by Service Sector Growth

The UK economy grew by 0.1% in May, as reported by the Office for National Statistics (ONS), after a contraction in April. The growth was primarily driven by the service sector, though declines were noted in production and construction. Over the three months leading to May, the economy expanded by 0.7% compared to the prior three months. There are concerns regarding rising energy prices and ongoing geopolitical tensions, which could impact future growth. This data is significant for investors as it indicates a mixed economic recovery in the UK economy amid external pressures.