The UK's economy contracted by 0.1% in May after a prior 0.3% drop in April, with forecasts predicting slight growth. The contraction was attributed to notable declines in production and construction sectors, although growth in services offered some offset. The overall economic performance over the past three months remained positive, reflecting earlier strength influenced by stockpiling activities ahead of US tariffs. Trends showed that the pre-tariff preparations by US importers affected the international trade dynamics significantly during this period.
The economy contracted slightly in May with notable falls in production and construction, only partially offset by growth in services.
Official figures indicate a 0.1 per cent contraction in UK's GDP for May, amidst earlier fluctuations due to US tariffs.
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