The 1.6% m/m increase in the volume of manufacturing sales in May, which was partly due to production recommencing at several petroleum refineries, suggests that GDP grew by 0.2% that month. This in turn is consistent with our view that the economy as a whole sprang back from the weather-related slowdown in Q1 to post annualised GDP growth of close to 2.0% in the second quarter.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services