Britain's economy grew 0.6 pc in 3 months to May: NIESR

LONDON: Britain's economy grew 0.6 per cent in the three months ending in May, driven by both the production and private services sectors, the National Institute of Economic and Social Research said on Tuesday.

That figure compared to an upwardly revised 1.0 per cent growth in the three months to April, the leading macro-economic thinktank noted in its monthly estimate.

Exempting April's figure, which was flattered by the statistical effect of a weak January, May's reading was the strongest since the three months to last September, when Olympic tickets sales gave a temporary boost to the economy.

NIESR expects annual growth of 0.9 per cent this year, underpinned by the private services sector, and of 1.5 per cent in 2014.

"We do not expect output to pass its peak in early 2008 until 2015," NIESR said.

NIESR's estimate follows a recent spate of data that suggests Britain's economy will grow in the second quarter, and is on the mend after two years of stagnation.