Economic Buzz: UK economy contracts for second month in row

The UK economy contracted in May on a sharp fall in industrial output, data from the Office for National Statistics revealed on Friday. Gross domestic product slipped 0.1 percent in May, following a 0.3 percent drop in April. Marking a contraction for the second straight month. Among three main sectors, industrial production was the largest contributor to the monthly GDP fall, which was down 0.9 percent. Construction output fell 0.6 percent. There was an increase of 0.1 percent in services output. In the three months to May, real GDP rose 0.5 percent compared with the previous three months. GDP expanded 0.7 percent in May from the previous year.

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