It is an uptick so small that it could almost be comic, but the UK economy started to grow in May: by 1.8 per cent following a 20 per cent slump in April. Office for National Statistics figures out today show that, even in lockdown, surging online retail sales – coupled with signs of a recovery in construction – show a small increase in GDP. The big question is what shape we can now see: a L, a Nike swoosh or a sharp V?
Reopening the economy can only go so far: tackling people’s fear of Covid-19 is key for a V-shaped recovery
Today’s increase suggests growth is – every so slightly – on the up, easing doomsday concerns about an L-shape (that is, no recovery at all). But economists are disappointed – the consensus was for a 5 per cent uptick in GDP, and May’s figures fall notably short. The economy is still a quarter smaller than it was at the beginning of the year. Many
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