British Economy Contracts Less Than Expected

The British economy contracted less than expected in May, despite the impact of strikes and an additional bank holiday for the coronation of King Charles, putting it on track to avoid contraction in the second quarter of the year. The Office for National Statistics reported today, Thursday, that the British economic output fell by 0.1% in May on a monthly basis, after a growth of 0.2% in the previous month. Economists surveyed by Reuters had expected a contraction of 0.3%. The office noted that it received reports indicating that the arts, entertainment, hospitality, and restaurant sectors benefited from the bank holiday.