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UK Growth Improves In May: NIESR

The U.K. economy grew at a faster pace in May than in April, latest estimates from the National Institute of Economic and Social Research showed Wednesday.

Output grew by 0.6 percent in the three months ending in May after growth of 0.5 percent in the April quarter, the think tank said.

"These estimates are consistent with a rebound of economic growth in the second quarter of this year," the NIESR said.

"We continue to expect the MPC to start raising interest rates in the first quarter of 2016."

The institute reiterated its May 6 forecast of 2.5 percent GDP growth for this year and 2.4 percent growth for next year.

Economic growth halved to 0.3 percent in the first quarter from 0.6 percent in the final three months of 2014, latest data from the Office for National Statistics revealed.

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