UK GDP fell 0.1% in May

MADRID, 13 Jul.

UK GDP fell 0.1% in May


The gross domestic product (GDP) of the United Kingdom contracted one tenth in May compared to the previous month, when it had grown by 0.2%, according to data published by the National Statistics Office (ONS).

In the fifth month of 2023, production registered a fall of 0.6% after the drop of 0.2% in April, while construction contracted two tenths, after falling by 0.9% the previous month. Services remained stable in May, compared to the 0.3% expansion in April.

Monthly GDP is now estimated to be 0.2% above its pre-Covid-19 levels in February 2020.

Compared to May 2022, monthly GDP fell by 0.4%, after growing by 0.5% between April 2022 and April 2023.

More broadly, UK GDP showed no growth in the three months to May 2023 compared to the three months to February 2023.

Between March and May, services showed no growth, while production increased 0.4% and construction 0.2%.