British GDP Less Than Expected

UK GDP in May posted less than analysts’ expectations as data released by the Office for National Statistics on Tuesday showed that British gross domestic product rose1.8% in May, compared to a contraction of 20.3% in April.

Analysts had expected the UK economy to grow by 5.5% in May.

The British pound is currently trading at $ 1.2550, down 0.04%.

The weak rebound was driven by just 0.9% growth in Britain’s large services sector, with weakness in professional services, commercial property and computer programming.