Preliminary estimates from the UK’s Office for National Statistics show that the UK’s gross domestic product (GDP) rose by 0.7% in the three months to May, following growth of 0.8% in the three months to April. On a monthly basis, it grew by 0.1% in May, after falling by 0.1% in April. Expectations were for no change.

The services sector, which accounts for more than 70% of the UK economy, grew by 0.7% in the three months to May and by 0.3% month-on-month. The construction sector fell by 0.8% in May, but rose by 1.6% in the three months to May. Production output fell by 0.5% in May, but rose by 0.1% in the three months to May.