British economy contracted slightly less than expected in May

British economy contracted less than expected in May despite the impact of strikes and an additional holiday for banks to mark the coronation of King Charles, which puts it on track to avoid contraction in the second quarter of the year.

According to “Reuters”, the Office for National Statistics said today, Thursday, that British economic output fell 0.1 percent in May on a monthly basis, after growing 0.2 percent in the previous month.

Economists polled by Reuters had expected a contraction of 0.3 percent

All sectors of the economy contracted in May, except for the services sector, which stabilized without growth

The bureau said it had received reports that the arts, entertainment, hotel and restaurant sectors benefited from the bank holiday

However, there are indications that production has been affected by strikes in the health, railway and education sectors.