UK economy shrinks 0.1% in May as manufacturing, construction sectors down during month

GDP has shown no growth in 3 months up to this May, says Office for National Statistics

By Aysu Bicer

LONDON (AA) - The UK economy fell 0.1% in May as the manufacturing and construction sectors shrank during the month, according to official data released on Thursday.

The GDP has shown no growth in the three months up to May 2023, said the Office for National Statistics (ONS).

Production output fell 0.6% in May 2023 after shrinking 0.2% in April 2023, the main contributor to the fall in monthly GDP in May.

The construction sector dropped 0.2% in May 2023 following a fall of 0.9% in April 2023, revised downwards from a fall of 0.6% in initial figures.

Services output also showed no growth in the month following growth of 0.3% in April, unrevised from the previous figures.

Commenting on the downbeat figures, Chancellor of the Exchequer Jeremy Hunt said: "While an extra bank holiday had an impact on growth in May, high inflation remains a drag anchor on economic growth.

"The best way to get growth going again and ease the pressure on families is to bring inflation down as quickly as possible. Our plan will work, but we must stick to it."

Kaynak:

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