Monthly real gross domestic (GDP) of the UK is estimated to have grown by 0.5 per cent in June 2023, following a fall of 0.1 per cent in May 2023 and growth of 0.2 per cent in April 2023, both unrevised from the previous publication, as per the Office for National Statistics (ONS). Monthly GDP is now estimated to be 0.8 per cent above its pre-coronavirus (COVID-19) levels (February 2020).A range of businesses cited the additional bank holiday in May as a reason for increased output in June 2023 compared with May 2023. Looking at the broader picture, GDP has shown 0.2 per cent growth in the three months to June 2023.
Production output grew by 1.8 per cent in June 2023 after a fall of 0.6 per cent in May 2023, unrevised from the previous publication; this sector was the main contributor to the growth in monthly GDP in June.
UK's monthly real GDP is estimated to have grown by 0.5 per cent in June, rebounding from a 0.1 per cent fall in May.
Production output contributed to this growth, rising 1.8 per cent in June after a 0.6 per cent decline in May.
Additional bank holiday in May is cited as a reason for the increase. Monthly GDP is now 0.8 per cent above pre-COVID-19 levels.
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