UK Economy Grew by 0.5% in May

Away from the leadership melodrama, some welcome news from the Office for National Statistics (ONS) this morning, as latest figures show the economy grew by 0.5% in May. A nice, albeit small surprise, given economists had predicted zero growth in the face of rising energy costs and, of course, soaring inflation…

According to ONS director for economic statistics Darren Morgan, the minor upturn is explained by an increased travel bookings and, erm, more people visiting the doctor:

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

Still, in welcoming the figures, newly-minted Chancellor Nadhim Zahawi insisted he was “not complacent” and would continue to “support growth” in future. Not a bad way to end his first week in the job at least…

mdi-tag-outline Data Guido GDP Growth
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