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UK's NIESR estimates economy grew 0.6% in three months to May

JUN 10, 201510:22 PM

[LONDON] Britain's economic growth picked up pace in the three months to May, recovering from a weak first quarter, forecasters at the National Institute for Economic and Social Research said on Wednesday.

NIESR said it estimated that gross domestic product in the three months to May was 0.6 per cent higher than in the previous three-month period, the fastest growth rate since January and up from a 0.5 per cent rate in the three months to April.

"These estimates are consistent with a rebound of economic growth in the second quarter of this year," NIESR said.

Britain's economy grew just 0.3 per cent in the first three months of 2015, slowing sharply from 2014 when it recorded annual growth of 2.8 per cent, the highest in eight years and the fastest rate of any major advanced economy.

NIESR forecasts Britain's economy will grow by 2.5 per cent this year, slightly above its long-run average.

Data earlier on Wednesday showed stronger-than-expected industrial output for April as oil and gas production grew more strongly than forecast.

REUTERS