Prior 0.0%Services +0.3% vs +0.2% m/m expectedIndustrial output +0.2% vs +0.2% m/m expectedManufacturing output +0.4% vs +0.4% m/m expectedConstruction output +1.9% vs +1.0% m/m expected
Looking at the breakdown, the services sector contributed 0.22% of GDP growth in May while production contributed 0.03% and construction 0.11%. Of note, the services sector has been a key outperformer in the last few months. In the three months to May, it grew by 1.1% – the most since the three months to December 2021.
This article was written by Justin Low at www.forexlive.com.
