In May, the UK economy demonstrated a significant rebound with an overall growth of 0.4%, following a stagnant April. This growth was largely attributed to increases across several key sectors, signalling a positive shift for the nation’s financial landscape.
- The service sector experienced a 0.3% rise, underpinning the general economic recovery with retail sales particularly rebounding.
- A notable increase of 1.9% in construction output marked the fastest growth in almost a year, driven by house building and infrastructure projects.
- Manufacturing saw modest growth, with food and drink industries leading the charge.
- In the broader three-month context, GDP has ascended by 0.9%, illustrating a sustained recovery trajectory.
The UK economy experienced a notable upturn in May, achieving a 0.4% growth after a period of stagnation in April. This positive change was highlighted by the Office for National Statistics (ONS), indicating a widespread recovery across various sectors of the economy.
The services sector, a key component of the UK’s economic structure, saw an increase of 0.3%. Within this sector, retail sales played a significant role, witnessing a rise of 2.9% after a 1.8% decline in April, which was largely attributed to adverse weather conditions.
Construction output surged by 1.9%, marking its fastest rate of growth in nearly a year. This enhancement was bolstered by increased activity in house building and infrastructure projects, reflecting broader trends of recovery within the industry.
The manufacturing sector, while experiencing modest growth, showed potential through diverse contributions, particularly from food and drink businesses, which appeared as key players in driving this sector’s performance.
When examined over a three-month period leading up to May, the UK’s GDP grew by 0.9%, underscoring a consistent recovery. Services output was up by 1.1% during this period, with retail trade emerging as a primary driver of growth, characterized by a 0.9% rise.
The UK’s economic performance in May demonstrates a promising trend towards recovery, evidencing resilience across multiple sectors.
