Economy

UK GDP returns to surprise growth in May

Production grew by 0.9% in May 2022, driven by growth of 1.4% in manufacturing and 0.3% in electricity, gas, steam and air conditioning supply

The UK economy grew by 0.5% in May according to the latest figures from the Office For National Statistics (ONS), beating economists’ expectations amid the rising cost of living crisis.

Zero growth was expected for the month, however the increase was driven by services output increasing 0.4% as human health and social work activities grew by 2.1%, mainly because of a large rise in GP appointments.

This was offset by a fall in output in consumer-facing services fell by 0.1% in May 2022, driven by a 0.5% fall in retail trade, and non-consumer facing services grew by 0.5% in May, following a fall of 0.8% in April.

Meanwhile, production grew by 0.9% in May 2022, driven by growth of 1.4% in manufacturing and 0.3% in electricity, gas, steam and air conditioning supply.

Construction also grew by 1.5% in May 2022, following 0.3% growth in April. This is construction’s seventh consecutive month of growth.

ONS director for Economic Statistics, Darren Morgan, said: “The economy rebounded in May with growth across all main sectors.

“Health was the biggest driver with many more people seeing GPs, despite test and trace and the vaccination programmes winding down. Road hauliers also had a busy month, while travel agencies fared well with pent up demand for summer holidays.”

He added: “There was widespread growth across manufacturing after several tough months, while construction also fared well with housebuilding and office refurbishment driving growth.”

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