UK economy grows by 0.5% in May amid cost-of-living crisis
The UK economy rebounded from a 0.2 percent drop in April, official figures show
The UK economy grew by 0.5 percent in May, rebounding from a 0.2 percent drop in April, according to official figures.
The Office for National Statistics (ONS) said the rise in gross domestic product (GDP) came after a bounce back across all three main sectors of the economy – services, manufacturing and construction.
The ONS also revised GDP data up for April, to a fall of 0.2 percent from a drop of 0.3 percent in its previous estimation.
Darren Morgan, director for economic statistics at the ONS, 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.
“There was widespread growth across manufacturing after several tough months while construction also fared well with housebuilding and office refurbishment driving growth.”
Chancellor Nadhim Zahawi said: “It’s always great to see the economy growing but I’m not complacent.
“I know people are concerned, so we are continuing to support families and economic growth.
“We’re working alongside the Bank of England to bear down on inflation and I am confident we can create a stronger economy for everyone across the UK.”