Home Finance UK economy returns to growth in May as GDP rises by 0.4%

UK economy returns to growth in May as GDP rises by 0.4%

The UK economy grew quicker than expected in May as more shoppers returned to high streets and construction work recovered, according to official data.

The Office for National Statistics (ONS) said gross domestic product (GDP) increased by 0.4 percent in May. It came after no growth was recorded in April when damp weather hit consumer spending.

Economists had predicted that GDP would increase by 0.2 percent in May.

ONS director of economic statistics Liz McKeown said: “The economy grew strongly in May, with all the main sectors seeing increases. Many retailers and wholesalers had a good month, with both bouncing back from a weak April.

“Construction grew at its fastest rate in almost a year after recent weakness, with housebuilding and infrastructure projects boosting the industry.”

Ms McKeown added: “Across the last three months as a whole, the economy grew at its quickest pace for over two years with strong growth across services, partially offset by the weaker longer-term performance from construction.”

According to ONS data, all three main sectors contributed positively to GDP growth in May 2024. Services output grew by 0.3 percent in May 2024 and was the largest contributor to the growth in GDP during the month.

Production and construction output also increased by 0.2 percent and 1.9 percent, respectively.

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