NIESR: UK economy grows 0.6% in the three months to May

Quarterly growth of 0.9% projected

clock

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.

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. 

More on Marketing

Georgia d'Esterre named head of marketing at the West Brom

Georgia d'Esterre named head of marketing at the West Brom

Joins from National Friendly

Jaskeet Briah
clock 11 August 2023 • 1 min read

Financial Services Forum: Protection in a post-pandemic era

Watch the full webinar

COVER
clock 20 November 2020 • 1 min read

COVER editor Adam Saville to chair protection panel discussion

On Thursday 19 November

COVER
clock 17 November 2020 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read