UK GDP sees 0.1% drop in May
The UK’s GDP is estimated to have dropped by 0.1% in May, following growth of 0.2% in April, with coronation bank holiday impacting economic activity.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Broken down by sector, the biggest contributor to the overall decrease came from production output, which fell by 0.6% following a fall of 0.2% in April. The construction sector, meanwhile, fell by 0.2% following a fall of 0.9% in April.
Additionally, output in consumer-facing services fell by 0.2% – following the 1.1% growth seen in April – while there was no sign of growth in services output.
Looking more broadly, GDP showed no growth in the three months to May when compared to the three months to February. Of this, the services sector showed no growth, however production grew by 0.4% and construction by 0.2%.
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