UK's economy stagnates, no growth in 3 months to May 2023

Production output was the main driver behind the dip in the monthly GDP for May, falling 0.6 per cent, following a 0.2 per cent decline in April 2023. This revised figure is an improvement from the initially reported fall of 0.3 per cent, according to the Office for National Statistics (ONS).

In a year-on-year comparison, the monthly GDP for May 2023 fell by 0.4 per cent, a stark contrast to the 0.5 per cent growth recorded between April 2022 and April 2023.

However, on a more positive note, production output showed a 0.4 per cent growth in the three months to May 2023, compared with the preceding three months. Manufacturing was the primary factor behind this rise, registering a growth of 0.8 per cent, making it the most significant contributor to production output growth in that period.

ALCHEMPro News Desk (NB)