The economy is picking up pace. After a dreary April, which saw no growth, the UK economy grew by 0.4 per cent in May. It’s the strongest three-month growth rate since January 2022, with the UK economy expanding by 0.9 per cent leading up to May, compared to the three months leading up to February.
A GDP boost in May was expected, as April’s wet weather put a damper on growth. Still, today’s update from the Office for National Statistics was better than expected, as economists had forecast a 0.2 per cent uptick. While the 1.9 per cent increase in construction can be accounted for as making up for lost time in April, the services sector continues to be the largest contributor to growth: with the wholesale-retail trade and repair of motor vehicles and motorcycles sub-sector performing best, with a monthly growth rate of 1.8
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in